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UID:2a3add63a7b9984e7c582812197dfa1f
CATEGORIES:Seminars
CREATED:20171102T192158
SUMMARY:Lunch Seminar: Francesco D’Amuri - Banca d’Italia
DESCRIPTION;ENCODING=QUOTED-PRINTABLE: Aging Workforce, Pension Reform, and Firm’s Dynamics (with Francesca Carta
  and Till von Wachter)\n\n\n \nAbstract:\n We exploit unique employer-emplo
 yee data combined with balance sheet information covering 4000 Italian firm
 s for the period 2005-2015 to analyze the short-run impact of a higher reti
 rement age on: i) turnover and wages of workers of different age classes, i
 i) capital and iii) productivity levels. To obtain exogenous firm-level var
 iation in the shares of elderly workers we exploit an unanticipated pension
  reform taking place in 2012 and restricting public pension eligibility cri
 teria in different ways for workers belonging to different demographic grou
 ps. We find that the increase in the number of elderly workers has a positi
 ve impact on employment levels of workers of other age classes, confirming 
 the presence of complementarities already found in studies carried out at m
 ore aggregate levels. Turning to wages, the increased supply of elderly wor
 kers implies a reduction in their daily pay, but has no impact on compensat
 ion for the rest of the workforce. Finally, an ageing workforce is associat
 ed in the short run to an increase in total capital and productivity levels
 , but a reduction in their per-worker amounts.\n
DTSTAMP:20260406T093141Z
DTSTART:20171018T130000Z
DTEND:20171018T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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