In this paper, we estimate a structural dynamic discrete choice model of informal as well as formal care provision, retirement and labor supply. The model allows to assess the dynamic consequences of providing informal care or organizing formal care for parents, e.g., due to reduced wages, pension benefits, or benefits from long-term care insurance. Further, it allows to analyze counterfactual...
For the design of pension reform it is crucial to disentangle the employment effects related to the substitution and the income effect. In this paper we provide causal evidence about the importance of the income effect which in general has been assumed to be small or non-existent. We exploit a pension reform in Germany that raised pension benefits related to children. For...
We study the employment effects of a large increase in the early retirement age (ERA) of women. Raising the ERA has the potential to extend contribution periods and to reduce the number of pensioners at the same time. However, workers may not be able to work longer or may choose other social support programs as exit routes from employment. Results suggest that the reform increases employment, unemployment ...
In Deutschland bestehen ein Gender-Pay-Gap, ein Gender-Wealth-Gap und ein Gender-Pension-Gap zuungunsten von Frauen. Ziel dieses Beitrags ist erstens zu untersuchen, obzudem ein Gender-Inheritance-Gap vorliegt, also Männer und Frauen ungleiche Erbchancenhaben. Zweitens wird untersucht, ob Erbschaften für die Alterssicherung von Frauenund Männern gleichermaßen von Bedeutung sind. Datengrundlage ist ...
We examine the gender wealth gap with a focus on pension wealth and statutory pension rights. By taking into account employment characteristics of women and men, we are able and identify the extent to which the redistributive effect of pension rights reduces the gap. The empirical basis of this examination is the Socio-Economic Panel (SOEP), which is one of the few datasets where information on wealth ...
Across the world, tax exemptions for jobs with low earnings intend to incite non-participating workers to rejoin the labor market. However, such tax exemptions may also have negative equilibrium effects. The German minijob tax exemption offers a convenient case to identify equilibrium effects as it applies to some but not to other low-wage jobs. We build and estimate a structural job search model with ...
This contribution analyses early retirement in Germany and Switzerland with a focus on financial resources. Using data from CH-SILC linked to administrative records and the German SOEP, we distinguish three different financial resources: namely, pre-retirement labour income, net worth and pension entitlements. High labour income reduces the probability for early retirement. In contrast, high pension ...
We study the relationship between crowding and performance in the active mutual fund industry. We construct a fund-specific measure of crowding using the equity holdings overlap of 17,364 global funds. Funds in the top decile of crowding underperform passive benchmark funds by 1.4% per year. The impact of crowding on performance cannot be attributed to diseconomies of scale. We explore several mechanisms: ...
Objective: At work, people are confronted with clear behavioral expectations. In line with the Social Investment Principle, the beginning and ending of working life might thus promote changes in personality traits that are relevant at work (e.g., Conscientiousness). Method: Based on the data from the Socio- Economic Panel Study (SOEP), we examined nuanced differences of the Big Five personality traits ...