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March 2025

07Mar

How and Why the Gender Pension Gap in Urban China Decreased between 1988 and 2018

By Björn Gustafsson, Peng Zhan & Hanrui Jia In urban China, gender gaps in employment and earnings have steadily increased since the 1990s. Such gender gaps are important because pension rights and amounts are based on labor force participation and wages. However, as this study demonstrates, despite the rise in gender differences in the urban labor market, the average gender pension gap decreased between 1988 and 2018. In this paper, we describe the evolution of the fragmented pension system in...

March 7, 2025
Articles, Labor Market, , ,
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07Mar

The Macroeconomy After Tariffs

By Davide Furceri, Swarnali A Hannan, Jonathan D Ostry & Andrew K Rose What does the macroeconomy look like in the aftermath of tariff changes? This study estimates impulse response functions from local projections using a panel of annual data that spans 151 countries from 1963 to 2014. Tariff increases are associated with persistent, economically and statistically significant declines in domestic output and productivity, as well as higher unemployment and inequality, real exchange rate appreciation, and insignificant changes to the...

March 7, 2025
Articles, Labor Market, ,
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07Mar

Gender pension gaps in a private retirement accounts system: A dynamic model of household labor supply and savings

By Clement Joubert & Petra E. Todd  This paper develops and estimates a dynamic model of individuals’ and couples’ labor supply, savings, and retirement decisions to analyze how the design of Chile’s privatized pension system and a reform undertaken in 2008 affect gender pension gaps and old-age poverty. Chile has one of the longest-running private retirements accounts systems in the world, which has served as a model for many countries. The paper estimates the dynamic model using pre-reform data...

March 7, 2025
Articles, Labor Market, , ,
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05Mar

The 2023 Latin America report of the Lancet Countdown on health and climate change: the imperative for health-centred climate-resilient development

By Stella M. Hartinger, Yasna K. Palmeiro-Silva, Camila Llerena-Cayo, Luciana Blanco-Villafuerte, Luis E. Escobar, Avriel Diaz, Juliana Helo Sarmiento, Andrés G. Lescano, Oscar Melo, David Rojas-Rueda, Bruno Takahashi, Max Callaghan, Francisco Chesini, Shouro Dasgupta, Carolina Gil Posse, Nelson Gouveia, Aline Martins de Carvalho, Zaray Miranda-Chacón, Nahid Mohajeri, Chrissie Pantoja, Elizabeth J. Z. Robinson, Maria Fernanda Salas, Raquel Santiago, Enzo Sauma, Mauricio Santos-Vega, Daniel Scamman, Milena Sergeeva, Tatiana Souza de Camargo, Cecilia Sorensen, Juan D. Umaña, Marisol Yglesias-González, Maria Walawender,...

March 5, 2025
Articles, Pension design, , , , ,
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February 2025

14Feb

Politics Before Pensions: How New ESG Rules Expose Public Pension System Vulnerabilities

By Danilo Risteski As some of the largest institutional investors in the United States, public pension funds wield considerable power over investment decisions. A recent trend highlights this extraordinary power: state pension funds have started exploiting their retirees’ pensions to force investment companies to invest in accordance with their respective states’ political priorities. Nowhere is this trend more obvious than in the environmental, social, and governance field. On one hand, states like Maine have passed legislation prohibiting public pension funds...

February 14, 2025
Articles, Investment, Pension Management, , ,
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14Feb

Place-Based Policies of the European Union: Contrasts and Similarities to the US Experience

By Peter R. Berkowitz, Michael Storper & Max Herbertson The European place-based policy framework was established in the European Treaties and has a current budget of $60-70 billion per year. This paper identifies key features and directions for its future development with respect to three place-based problems: traditionally lagging regions; contemporary distressed (or left-behind regions), including those facing the structural challenges of the energy transition; the challenge of spreading prosperity faced with the uneven geography of technological clusters and routine technology-based manufacturing. We...

February 14, 2025
Articles, Regulation, , ,
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14Feb

The effect of Covid pension withdrawals and the Universal Guaranteed Pension on the income of future retirees in Chile

By Carlos Madeira Chile implemented large pension withdrawals during the Covid pandemic. Afterwards, Chile increased non contributory beneÖts in a quasi-universal scheme. Simulating future pensions, I show that the average loss in contributory pension income is 27.9%, with losses of 23.9% and 31.4% for men and women, respectively. After accounting for public transfers, the average loss in total pension income is just 6.2%, with losses of 7.5% and 5.2% for men and women, respectively. Current retirees lost just 1.1% of...

February 14, 2025
Articles, Savings, , , ,
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07Feb

Places versus People: The Ins and Outs of Labor Market Adjustment to Globalization

By David Autor, David Dorn, Gordon H. Hanson, Maggie R. Jones & Bradley Setzler This chapter analyzes the distinct adjustment paths of U.S. labor markets (places) and U.S. workers (people) to increased Chinese import competition during the 2000s. Using comprehensive register data for 2000–2019, we document that employment levels more than fully rebound in trade-exposed places after 2010, while employment-to-population ratios remain depressed and manufacturing employment further atrophies. The adjustment of places to trade shocks is generational: affected areas recover primarily by adding workers to...

February 7, 2025
Articles, Labor Market, , , ,
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07Feb

Challenges and concerns surrounding China’s retirement age reform

By China Labour Bulletin China is currently grappling with a pressing demographic challenge, marked by record-low birth rates and low retirement ages, leading to a continuous decline in the working-age population. According to the National Bureau of Statistics, the working-age population dropped to 61.3% in 2023, down from 62% the previous year. The shrinking workforce and ageing population are increasingly straining China’s pension system. Current projections indicate that, without intervention, the social security system’s resources will be depleted by 2035. In response to...

February 7, 2025
Articles, System Sustainability, , , ,
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07Feb

Smaller than We Thought? The Effect of Automatic Savings Policies

By James J. Choi, David Laibson, Jordan Cammarota, Richard Lombardo & John Beshears Medium- and long-run dynamics undermine the effect of automatic enrollment and default savings-rate auto-escalation on retirement savings. Our analysis of nine 401(k) plans incorporates the facts that employees frequently leave firms (often before matching contributions from their employer have fully vested), a large percentage of 401(k) balances are withdrawn upon employment separation, and many employees opt out of auto-escalation. Steady-state saving rates increase by 0.6% of income due to automatic enrollment and...

February 7, 2025
Articles, Savings, , , ,
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