THE EFFECTS OF PENSION-RELATED 2019 POLICIES ON HOUSEHOLD SPENDING Susana Párraga Rodríguez Documentos de Trabajo N.º 1913 THE EFFECTS OF PENSION-RELATED POLICIES ON HOUSEHOLD SPENDING THE EFFECTS OF PENSION-RELATED POLICIES ON HOUSEHOLD SPENDING Susana Párraga Rodríguez (*) BANCO DE ESPAÑA (*) Banco de España. Directorate General Economics, Statistics and Research, Alcalá 48, 28014 Madrid, Spain. Email:
[email protected]. The author declares that she has no relevant or material financial interests that relate to the research described in this paper. This work was conducted at University College London before the author joined the Bank of Spain. The views expressed in this paper are therefore those of the author and do not necessarily reflect those of the Banco de España. I am very grateful to the Banco de España for their financial assistance, and for comments and advice from, and discussions with, Clodomiro Ferreira, José María Labeaga, Ralph Luetticke, Francisco Martí, Morten Ravn, Raffaelle Rossi, João Santos Silva, and Ernesto Villanueva Documentos de Trabajo. N.º 1913 2019 The Working Paper Series seeks to disseminate original research in economics and fi nance. All papers have been anonymously refereed. By publishing these papers, the Banco de España aims to contribute to economic analysis and, in particular, to knowledge of the Spanish economy and its international environment. The opinions and analyses in the Working Paper Series are the responsibility of the authors and, therefore, do not necessarily coincide with those of the Banco de España or the Eurosystem. The Banco de España disseminates its main reports and most of its publications via the Internet at the following website: http://www.bde.es.