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Policy Uncertainty and Precautionary Savings

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NBER2008-04-01 更新2025-01-04 收录
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https://www.nber.org/papers/w13911
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In 1997 Chancellor Kohl proposed a major pension reform and pushed the law through Parliament explaining that the German PAYG system had become unsustainable. One limitation of the new law -- one that is crucial for our identification strategy -- is that it left the generous pension entitlements of
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2008-04-01
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