Academic Seminar by Tetyana Dybovyk

Kyiv School of Economics will hold an academic seminar on Monday, April 29, in room 206 at 12:00 p.m., where Tetyana Dybovyk (Alfred Nobel University, Dnepropetrovsk) will present her paper titled “Macroeconomic Aspects of Italian Pension Reforms of 1990s.”

Abstract. In 1990s, several pension reforms had been adopted to insure financial sustainability of Italian retirement system. Two main features of Amato and Dini reforms are considered: (i) adoption of notional defined contributions formula; (ii) price indexation of benefits as compared to wage indexation prior to 1992. This paper studies household decisions and welfare consequences of the reforms using general equilibrium overlapping generations framework with special focus on time allocation and human capital accumulation decisions of transition generations. The economic and demographic structure of the economy is calibrated to Italian macroeconomic variables in 1992 and observed earnings profile.