Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/279176 
Year of Publication: 
2023
Series/Report no.: 
CESifo Working Paper No. 10427
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Abstract: 
We provide new evidence of forward-looking labor supply responses to changes in pension wealth. We exploit a 2014 German reform that increased pension wealth for mothers by an average of 4.4% per child born before January 1, 1992. Using administrative data on the universe of working histories, we implement a difference-in-differences design comparing women who had their first child before versus after January 1, 1992. We document significant reductions in labor earnings, driven by intensive margin responses. Our estimates imply that, on average, an extra euro of pension wealth in a given period reduces unconditional labor earnings by 54 cents.
Subjects: 
labor supply
social security
pension wealth
JEL: 
H55
J22
J26
Document Type: 
Working Paper
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