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Differentiating Indexation in Dutch Pension Funds

Beetsma, Roel M. W. J.; Bucciol, Alessandro - CESifo - 2010

We investigate numerically how indexation of funded pensions for inflation can be differentiated across the various … benefitting from a shift away from uniform indexation. Those welfare shifts result from systematic redistribution of welfare …

Persistent link: https://www.econbiz.de/10008833935

Contract Duration and Indexation in a Period of Real and Nominal Uncertainty

Christofides, Louis; Peng, Amy Chen - CESifo - 2003

determinants of key provisions of contracts such as their duration and indexation clauses. Econometric techniques, which account … for the interaction between duration and indexation, as well as the latent nature of the elasticity of indexation are used …

Persistent link: https://www.econbiz.de/10005406115

Major Provisions of Labour Contracts and their Theoretical Coherence

Christofides, Louis; Peng, Chen - CESifo - 2006

Theoretical work on indexation and contract duration suggests no role for the expected rate of inflation in equations … explaining these variables. Yet, stand-alone or two-equation studies of indexation and contract duration often report that this … duration and indexation decisions and offer a context within which earlier findings can be understood. In this three …

Persistent link: https://www.econbiz.de/10005094416

Fiscal Spillovers in the Euro Area

Caporale, Guglielmo Maria; Girardi, Alessandro - CESifo - 2011

This paper analyses the dynamic effects of fiscal imbalances in a given EMU member state on the borrowing costs of other countries in the euro area. The estimation of a multivariate, multi-country time series model (specifically a Global VAR, or GVAR) using quarterly data for the EMU period...

Persistent link: https://www.econbiz.de/10009391724

Political Competition and the Limits of Political Compromise

Cunha, Alexandre B.; Ornelas, Emanuel - CESifo - 2014

We consider an economy where competing political parties alternate in office. Due to rent-seeking motives, incumbents have an incentive to set public expenditures above the socially optimum level. Parties cannot commit to future policies, but they can forge a political compromise where each...

Persistent link: https://www.econbiz.de/10010757724

The 90% Public Debt Threshold: The Rise and Fall of a Stylised Fact

Egert, Balazs - CESifo - 2013

This paper puts the original Reinhart-Rogoff dataset, made public by Herndon et al. (2013), to a formal econometric test to pin down debt threshold endogenously. We show that the nonlinear relation from debt to growth is not very robust. Taken with a pinch of salt, our results suggest, however,...

Persistent link: https://www.econbiz.de/10010659189

Fiscal Sustainability of the German Laender - Time Series Evidence

Burret, Heiko T.; Feld, Lars P.; Köhler, Ekkehard A. - CESifo - 2014

In this paper we analyze the sustainability of public finances in the states (Laender) of the Federal Republic of Germany using an unprecedentedly comprehensive fiscal dataset for the time period from 1950 to 2011 for West German Laender and 1991 to 2011 for East German Laender, respectively. In...

Persistent link: https://www.econbiz.de/10011067196

Sustainability of German Fiscal Policy and Public Debt: Historical and Time Series Evidence for the Period 1850-2010

Burret, Heiko T.; Feld, Lars P.; Köhler, Ekkehard A. - CESifo - 2013

In the last decades, the majority of OECD countries has experienced a continuous increase in public debt. The European debt crisis has prompted a fundamental re]evaluation of public debt sustainability and the looming threat of sovereign debt default. Due to a multitude of large scale events in...

Persistent link: https://www.econbiz.de/10010627572

Emotions and Political Unrest

Passarelli, Francesco; Tabellini, Guido - CESifo - 2013

This paper formulates a general theory of how political unrest influences public policy. Political unrest is motivated by emotions. Individuals engage in protests if they are aggrieved and feel that they have been treated unfairly. This reaction is predictable because individuals have a...

Persistent link: https://www.econbiz.de/10010631771

Public Debt, Economic Growth and Nonlinear Effects: Myth or Reality

Egert, Balazs - CESifo - 2013

This paper puts the Reinhart-Rogoff dataset to a formal econometric testing to see whether public debt has a negative nonlinear effect on growth if public debt exceeds 90% of GDP. Using nonlinear threshold models, we show that the negative nonlinear relationship between debt and growth is very...

Persistent link: https://www.econbiz.de/10010631772