2026-09-20T08:41:37Zhttps://dspace.mit.edu/server/oai/requestoai:dspace.mit.edu:1721.1/1270392021-07-05T14:03:20Zcom_1721.1_7582com_1721.1_7581col_1721.1_131023
James M. Poterba.
Zaverdinos, Iason(Iason Nikolaos)
Massachusetts Institute of Technology. Department of Economics.
Massachusetts Institute of Technology. Department of Economics
e-gr---
2020-09-03T17:43:26Z
2020-09-03T17:43:26Z
2020
2020
https://hdl.handle.net/1721.1/127039
1191625992
Thesis: S.M., Massachusetts Institute of Technology, Department of Economics, May, 2020
Cataloged from the official PDF of thesis.
Includes bibliographical references (pages 41-44).
The austerity measures that were adopted in the 2010-2015 period in response to the Greek αnancial crisis included cutbacks in the public sector on a scale that has rarely been seen in other nations. Pensions for those receiving beneαts were cut by up to 50.1% and monthly salaries for public sector employees were reduced substantially. Most of the analysis of these reforms has focused on the macroeconomic effects on the government budget. This project uses data from household budget surveys to assess the effects of these cutbacks on individuals approaching retirement as well as those who had retired under the prior system. I find that both income and consumption of households with higher initial earnings decreased disproportionately more than those with lower earnings, in line with the austerity measures implemented. I also find that the income changes were negatively correlated with mortality rates.
by Iason Zaverdinos.
S.M.
S.M. Massachusetts Institute of Technology, Department of Economics
44 pages
eng
Massachusetts Institute of Technology
MIT theses may be protected by copyright. Please reuse MIT thesis content according to the MIT Libraries Permissions Policy, which is available through the URL provided.
http://dspace.mit.edu/handle/1721.1/7582
Economics.
Behavioral responses to public pension cuts : evidence from the Greek financial crisis
Thesis
application/pdf
2020-09-03T17:43:26Z
Publication
Master
Econ
unknown
unknown
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<Abstract>The austerity measures that were adopted in the 2010-2015 period in response to the Greek αnancial crisis included cutbacks in the public sector on a scale that has rarely been seen in other nations. Pensions for those receiving beneαts were cut by up to 50.1% and monthly salaries for public sector employees were reduced substantially. Most of the analysis of these reforms has focused on the macroeconomic effects on the government budget. This project uses data from household budget surveys to assess the effects of these cutbacks on individuals approaching retirement as well as those who had retired under the prior system. I find that both income and consumption of households with higher initial earnings decreased disproportionately more than those with lower earnings, in line with the austerity measures implemented. I also find that the income changes were negatively correlated with mortality rates.</Abstract>
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