Public Pension Reforms and Retirement Decisions: Narrative Evidence and Aggregate Implications

We thank Kevin Hunt for excellent research assistance with data collection during his time as an intern at the Federal Reserve Bank of Kansas City. We are also grateful to our discussants Alan Auerbach and Roel Beetsma, and seminar and conference participants at the European Central Bank, the Federal Reserve Board of Governors, Federal Reserve Bank of Kansas City, HEC Montreal, University of Virginia, University of Glasgow, Federal Reserve Bank of Richmond, Allied Social Science Associations Meeting, Western Economic Association Conference and Society for Nonlinear Dynamic and Econometrics Conference for useful comments and suggestions. We also thank the authors of Beetsma, Klaassen, Romp, and van Maurik (2020) for providing us with their data set on pension reforms for cross checking. The views expressed in this paper are those of the authors and do not necessarily represent those of the Federal Reserve Bank of Kansas City or the Federal Reserve System. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.