Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/222109
Authors: 
Gohl, Niklas
Haan, Peter
Kurz, Elisabeth
Weinhardt, Felix
Year of Publication: 
2019
Series/Report no.: 
Discussion Paper No. 212
Abstract: 
In this paper we present a life-cycle model with human capital investment during working life through training and provide a novel empirical test of human capital theory. Using a sizable pension reform which shifts the retirement age between two adjacent cohorts by three years, we document causal evidence that an increase in the working life increases investment into human capital through training. We estimate this effect using a regression discontinuity design based on a large sample from the German microcensus. We discuss and test further predictions regarding the relation between initial schooling, training, and the reform effect and show that only individuals with a college degree increase human capital investment. Our results speak to a large class of human capital models as well as policies extending or shortening working life.
Subjects: 
human capital
retirement policies
RDD
JEL: 
J24
J26
H21
Document Type: 
Working Paper

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