Carlo Maccheroni

Overview

Research economist affiliated with CeRP (Center for Research on Pensions and Welfare Policies) and Università degli Studi di Torino, Italy. Works on pension system design, actuarial analysis, and demographic aspects of retirement. Co-author with Michele Belloni of the actuarial evaluation of the Italian Dini reform.

Key Contributions / Features

• Actuarial neutrality analysis of Italian pension reform (Belloni and Maccheroni 2006): With Michele Belloni, applied money's worth measures (SSW, NPVR, TAX) to both the DB and NDC Italian systems. Showed the 1995 Dini reform reduced implicit taxes from up to 50% to approximately 4%, but identified a persistent ~6 pp NPVR overpayment due to the use of 1990 period ISTAT life tables updated only every 10 years. Developed ad hoc Weibull mortality projections (limit $e_0 = 110$, $\omega = 120$) projecting Italian $e_0$ to 81.8 (male) and 86.1 (female) by 2030. See Actuarial Neutrality, Notional Defined Contribution, and Period vs. Cohort Life Expectancy.

Related

• Michele Belloni
• Actuarial Neutrality
• Notional Defined Contribution
• Period vs. Cohort Life Expectancy

Sources

• Belloni and Maccheroni 2006 — Actuarial Fairness when Longevity Increases