One of the stylized facts of unfunded social security programs is that programs are larger in size, measured relative to the GDP, the tighter the link between pension claims and past earnings. We provide a political economy explanation of this stylized fact in a median voter model, where people...

Switzerland is a prime location for both domestically owned as well as foreign-owned multinational enterprises (MNEs). In this paper, we review the literature on MNE activity with respect to its main fundamental (non-policy) drivers, the non-fiscal consequences of MNEs for various economic...

Economic performance and stabilization policy in a monetary union with imperfect labor and goods' markets / Fabrizio Coricelli, Alex Cukierman, and Alberto Dalmazzo ; Discussant: Erkki Koskela -- Asymmetric transmission of monetary policy: what should the ECB do if one size does not fit all? /...

In response to the increasing international pressure on Switzerland to reform the ring-fenced elements in its tax system, the Swiss Government has put forward a comprehensive tax reform package. The proposal comprises, among other things, the introduction of a licence box, a substantial...