Renata Bottazzi|Tullio Jappelli|Mario Padula
Retirement expectations, pension reforms, and their impact on private wealth accumulation
University of Bologna|Institute for Fiscal Studies|Centre for Economic Policy Research|University of Salerno|University of Salerno
estimate effect pension reforms households expectations retirement outcomes private wealth accumulation decisions exploiting decade intense italian pension reforms source exogenous variation expected pension wealth survey household income wealth large random sample italian population elicits expectations age workers expect retire ratio pension benefits preretirement income 1989 2002 find workers revised expectations direction suggested reform substantial offset private wealth perceived pension wealth particularly workers better informed pension wealth