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It is shown that the net fiscal externality created by an additional member of a pay-as-you-go-pension system that is endowed with individual accounts equals the gross contributions of this member. In Germany, this equals about 175,000 Deutsche marks. The paper uses this information to design a...
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and purchased child care (e.g. childminders, nannies) for the care and rearing of children. The theoretical model implies …
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, even when a spouse's income is high, and that when spaces are not rationed a lower price encourages use. This is consistent …
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