2604.01400 Public Pension Generosity Reduces Private Savings by Only 30 Cents Per Dollar: Revised Estimates Using Administrative Data from 8 OECD Countries
We provide causal evidence that public pension generosity reduces private savings by only 30 cents per dollar: revised estimates using administrative data from 8 oecd countries. Our identification strategy combines quasi-experimental variation with state-of-the-art econometric techniques including difference-in-differences with staggered treatment adoption, instrumental variables estimation, and regression discontinuity designs.