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Pension reforms, liquidity constraints and labour supply responses*

Abstract Labour supply responses among older people are estimated on 1996 cross-section register data covering all Norwegians aged 55–68, with an inter-temporal structural model of retirement decisions. Simulations illustrate the impact of introducing flexible pension take-up with actuarial adjustment. With the option of perfect consumption smoothing via the credit market, the reform which comes into effect in Norway from 2011 will reduce the share of retired persons in the age bracket 60–67 (in the base year 15–16%) by around 3 percentage points. With no consumption smoothing, the reduction will be 0.75 percentage points.