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We derive monthly and quarterly series of UK GDP for the inter-war period from a set of monthly indicators that were constructed by The Economist at the time. The monthly information is complemented with data for quarterly industrial production, allowing us to employ mixed-frequency methods to...
Persistent link: https://www.econbiz.de/10009324088
In welfare states, collective saving has declined to a persistently negative level, while reduced fertility and increasing longevity are leading to increasing pension liabilities. Actuarial neutrality across generations is presented as a benchmark for designing pension reforms to meet the...
Persistent link: https://www.econbiz.de/10005766043
Preparations are underway to revise national accounting to implement actuarial recording of pension liabilities for corporations and government as an employer. This paper extends this to unfunded public pensions with the help of ‘implicit tax’ in pension contributions. The clearest...
Persistent link: https://www.econbiz.de/10005406029
compares price inflation before the crisis with the necessary and actual price cuts that have taken place since the outbreak of … the crisis, predicting a decade of stagnation for the south and inflation for the north. Keynesian demand policy is …
Persistent link: https://www.econbiz.de/10010877720
repression in domestic interest rates—to avoid an avalanche of foreign capital inflows that would threaten inflation and asset …
Persistent link: https://www.econbiz.de/10010877868
import prices only to a small extent, it may have a substantial impact on inflation, as it exerts a sizeable impact on the …
Persistent link: https://www.econbiz.de/10010535633
economy. While about half of all studies for the United States find a significant effect of unemployment and inflation on … choice of the sample period is of crucial importance. While in the very long run we find unemployment, inflation and the …
Persistent link: https://www.econbiz.de/10010535634
The sovereign debt crisis has made it clear that central banking is more than keeping inflation low. Central banks are …
Persistent link: https://www.econbiz.de/10009294102
This study evaluates the role market competition plays in determining inflation based on sector-level data from OECD … countries. In theory, trade openness can affect inflation through changes in market competitiveness and productivity … of market competition. This study shows that inflation decreases with greater market competitiveness even after …
Persistent link: https://www.econbiz.de/10009391719
economic reform, economic growth and, with a delay, on investment and institutional change. Episode of high inflation, moreover …, translate into lower subsequent inflation. Crises thus appear to serve as catalysts of reform and institutional change and lead …
Persistent link: https://www.econbiz.de/10009645638