Das Update 2016 des EU-Nachhaltigkeitsrankings der Stiftung Marktwirtschaft und des Forschungszentrums Generationenverträge der Universität Freiburg analysiert die Gesamtverschuldung der EU-Mitgliedsländer, deren Entwicklung im Vergleich zum Vorjahr und die langfristige Entwicklung der...

During the next decades the populations of most developed countries will grow older as a result of the low level of birth rates since the 1970s and/or the continuously increasing life expectancy. We show within a Generational Accounting framework how unsustainable the public finances of France,...

During the next decades the populations of most developed countries will grow older as a result of the low level of birth rates since the 1970s and/or the continuously increasing life expectancy. We show within a Generational Accounting framework how unsustainable the public finances of France,...

Neben den Zahlungsverpflichtungen aus ihren Kreditmarktschulden haben die Länder Versorgungsverpflichtungen gegenüber ihren pensionierten Beamten. Wie hoch sind derzeit die expliziten Schuldenquoten der Länder und wie hoch ist die Gesamtschuld aus Versorgungsverpflichtungen und...

A fiscal shock due to a shift in taxes or in government spending will, at some point in time, constrain the future path of taxes and spending, since the government's intertemporal budget constraint will eventually have to be met. This simple fact is surprisingly overlooked in analyses of the...

We study the consequences of non-neutrality of government debt for macroeconomic stabilization policy in an environment where prices are sticky. Assuming transaction services of government bonds, Ricardian equivalence fails because public debt has a negative impact on its marginal rate of return...

This paper examines equilibrium determination under different monetary policy regimes when the government might default on its debt. We apply a cash-in-advance model where the government does not have access to non-distortionary taxation and does not account for initial outstanding debt when it...

This paper examines the pricing of public debt in a quantitative macroeconomic model with government default risk. Default may occur due to a fiscal policy that does not preclude a Ponzi game. When a build-up of public debt makes this outcome inevitable, households stop lending such that the...