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L a b ou r m a r k e t p a r t ic i p a t ion of a ge i ng wor k e r s M ic ro -f i n a nc i a l ... more L a b ou r m a r k e t p a r t ic i p a t ion of a ge i ng wor k e r s M ic ro -f i n a nc i a l i nc e n t i ve s a nd p ol ic y c on s ide r a t ion s W. Allard Bruinshoofd en Sybille G. Grob O c c a s i o n a l S t u d i e s Vol.3/Nr.1 (2005) L a b ou r m a r k e t p a r t ic i p a t ion of a ge i ng wor k e r s M ic ro -f i n a nc i a l i nc e n t i ve s a nd p ol ic y c on s ide r a t ion s

This paper presents a number of scenario analyses, based on simulating DNB's multi-country m... more This paper presents a number of scenario analyses, based on simulating DNB's multi-country model EUROMON, for the euro area economy. The scenarios deal with monetary policy and budgetary policy actions, and with exogenous shocks such as changes in oil prices, asset prices and exchange rates. The scenarios provide insights which may be useful in the process of policy preparation. Above all, they give a flavour of the model's simulation properties.

The empirical connection between financial incentives and retirement decisions largely derives fr... more The empirical connection between financial incentives and retirement decisions largely derives from revealed preferences in cross-sectional settings. This raises the issue to what extent unobserved tastes for retirement -which may correlate with job selection and through that route with financial incentivesplay a role and can be controlled for. Using a stated rather than a revealed preferences approach, we contribute to this debate. Fielding a survey questionnaire in the Dutch DNB Household Survey we derive empirical estimates of pension adjustment and pension wealth effects. Our main finding is that retrenchments of pension arrangements to the effect of raising the standard retirement age by 1 year induce people on average to postpone retirement by about half a year. Retirement postponement varies across people, depending prominently on earnings and non-pension wealth; affluent people are more likely to capitalize on increased pension wealth through earlier retirement, whereas they more readily accept a lower pension benefit in case of a decrease in pension wealth. JEL classification: D12; D80; J26

The empirical connection between financial incentives and retirement decisions largely derives fr... more The empirical connection between financial incentives and retirement decisions largely derives from revealed preferences in cross-sectional settings. This raises the issue to what extent unobserved tastes for retirement -which may correlate with job selection and through that route with financial incentivesplay a role and can be controlled for. Using a stated rather than a revealed preferences approach, we contribute to this debate. Fielding a survey questionnaire in the Dutch DNB Household Survey we derive empirical estimates of pension adjustment and pension wealth effects. Our main finding is that retrenchments of pension arrangements to the effect of raising the standard retirement age by 1 year induce people on average to postpone retirement by about half a year. Retirement postponement varies across people, depending prominently on earnings and non-pension wealth; affluent people are more likely to capitalize on increased pension wealth through earlier retirement, whereas they more readily accept a lower pension benefit in case of a decrease in pension wealth. JEL classification: D12; D80; J26

L a b ou r m a r k e t p a r t ic i p a t ion of a ge i ng wor k e r s M ic ro -f i n a nc i a l ... more L a b ou r m a r k e t p a r t ic i p a t ion of a ge i ng wor k e r s M ic ro -f i n a nc i a l i nc e n t i ve s a nd p ol ic y c on s ide r a t ion s W. Allard Bruinshoofd en Sybille G. Grob O c c a s i o n a l S t u d i e s Vol.3/Nr.1 (2005) L a b ou r m a r k e t p a r t ic i p a t ion of a ge i ng wor k e r s M ic ro -f i n a nc i a l i nc e n t i ve s a nd p ol ic y c on s ide r a t ion s

This paper presents a number of scenario analyses, based on simulating DNB's multi-country m... more This paper presents a number of scenario analyses, based on simulating DNB's multi-country model EUROMON, for the euro area economy. The scenarios deal with monetary policy and budgetary policy actions, and with exogenous shocks such as changes in oil prices, asset prices and exchange rates. The scenarios provide insights which may be useful in the process of policy preparation. Above all, they give a flavour of the model's simulation properties.

The empirical connection between financial incentives and retirement decisions largely derives fr... more The empirical connection between financial incentives and retirement decisions largely derives from revealed preferences in cross-sectional settings. This raises the issue to what extent unobserved tastes for retirement -which may correlate with job selection and through that route with financial incentivesplay a role and can be controlled for. Using a stated rather than a revealed preferences approach, we contribute to this debate. Fielding a survey questionnaire in the Dutch DNB Household Survey we derive empirical estimates of pension adjustment and pension wealth effects. Our main finding is that retrenchments of pension arrangements to the effect of raising the standard retirement age by 1 year induce people on average to postpone retirement by about half a year. Retirement postponement varies across people, depending prominently on earnings and non-pension wealth; affluent people are more likely to capitalize on increased pension wealth through earlier retirement, whereas they more readily accept a lower pension benefit in case of a decrease in pension wealth. JEL classification: D12; D80; J26

The empirical connection between financial incentives and retirement decisions largely derives fr... more The empirical connection between financial incentives and retirement decisions largely derives from revealed preferences in cross-sectional settings. This raises the issue to what extent unobserved tastes for retirement -which may correlate with job selection and through that route with financial incentivesplay a role and can be controlled for. Using a stated rather than a revealed preferences approach, we contribute to this debate. Fielding a survey questionnaire in the Dutch DNB Household Survey we derive empirical estimates of pension adjustment and pension wealth effects. Our main finding is that retrenchments of pension arrangements to the effect of raising the standard retirement age by 1 year induce people on average to postpone retirement by about half a year. Retirement postponement varies across people, depending prominently on earnings and non-pension wealth; affluent people are more likely to capitalize on increased pension wealth through earlier retirement, whereas they more readily accept a lower pension benefit in case of a decrease in pension wealth. JEL classification: D12; D80; J26

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