@article{Andersenetal2024,
  title = {Pension Reform and Wealth Inequality: Theory and Evidence},
  author = {Andersen, Torben M. and Bhattacharya, Joydeep and {Grodecka-Messi}, Anna and Mann, Katja},
  year = {2024},
  month = jun,
  journal = {European Economic Review},
  volume = {165},
  doi = {10.1016/j.euroecorev.2024.104746},
  url = {https://doi.org/10.1016/j.euroecorev.2024.104746},
  abstract = {A growing literature explores reasons for rising wealth inequality, but is mostly silent on the role of pension systems despite their well-understood influence on life-cycle savings. This paper develops a simple life-cycle model to lay bare the primary theoretical mechanisms connecting pension systems, asset accumulation, and the wealth distribution. Mandated fully-funded plans transform individuals with lower incomes, often characterized as low savers, into asset owners, and may also imply a more equal wealth distribution than pay-as-you-go-based systems. To test the empirical validity of these predictions, the paper explores a pension reform in Denmark, a country that witnessed declining wealth inequality over the last decades. In a calibrated life-cycle model employing unique register data, the Danish pension reform emerges as a key factor explaining the downward trend in wealth inequality.},
  keywords = {Determinants of Wealth and Wealth Inequality},
  note = {104746}
}

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