| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6940 |
| DP6940 Sales and Monetary Policy | |
| Bernardo Guimaraes; Kevin Sheedy | |
| 发表日期 | 2008-08-23 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | This paper presents new evidence on how the annuitization decision is affected by changes in the annuity's value. We take advantage of an unprecendented change in policy, which in 2004 moderated the super-mandatory Swiss occupational pension scheme: The 20 percent reduction in the rate at which retirement capital is translated into a life-long annuity equates to a net present value loss of approximately 20'000 SFR (20'000 US$) for the average retiree. Using administrative data and correcting for anticipation effects, we show that due to the change in policy there was an approximately 8 percentage point change in the share of men choosing to annuitize their savings. We also show that the estimated responsiveness of the cash-out decision to variations in a utility based measure for the annuity value is comparable to results of previous studies, which employed completely different sources of variation in the annuity's value. |
| 主题 | Public Economics |
| 关键词 | Annuity puzzle Occupational pension Policy change |
| URL | https://cepr.org/publications/dp6940 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535777 |
| 推荐引用方式 GB/T 7714 | Bernardo Guimaraes,Kevin Sheedy. DP6940 Sales and Monetary Policy. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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