Overview
Research economist affiliated with CeRP (Center for Research on Pensions and Welfare Policies), Turin, Italy. Works on retirement incentives, pension system design, and labor supply of older workers. Co-author with Carlo Maccheroni of the actuarial analysis of the Italian Dini reform and its longevity implications.
Key Contributions / Features
- Actuarial neutrality analysis of Italian pension reform (Belloni and Maccheroni 2006): With Carlo Maccheroni, 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. Two-thirds of the distortion derives from the cross-sectional vs. longitudinal mortality gap; one-third from the 10-year revision lag. See Actuarial Neutrality, Notional Defined Contribution, and Period vs. Cohort Life Expectancy.
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