Policy uncertainty and information flows: Evidence from pension reform expectations

Emanuele Ciani, Adeline Delavande, Ben Etheridge, Marco Francesconi

Research output: Contribution to journalArticlepeer-review

Abstract

We examine how workers' expectations about pension reform vary with proximity to reforms, information availability and worker characteristics. Using newly collected data, we find that (1) expectations about reform are revised upward by about 10 percentage points in the year prior to a reform, from a median of 50%, regardless of whether the reform is announced; (2) expectations increase more the stronger the media activity about imminent reforms; (3) the effect of information on expectations varies systematically with characteristics that proxy cognitive ability and information value; (4) expectations do not converge as a result of reform announcements or implementations.
Original languageEnglish
Article numberueac050
Pages (from-to)98–129
JournalEconomic Journal
Volume133
Issue number649
Early online date22 Sep 2022
DOIs
Publication statusPublished - 1 Jan 2023

Fingerprint

Dive into the research topics of 'Policy uncertainty and information flows: Evidence from pension reform expectations'. Together they form a unique fingerprint.

Cite this