This paper investigates a negative externality of new business creation. When being perceived as a good manager is a necessary condition to establish a firm in the future, we show that a priori talented managers may indulge in undertaking risky projects now. Indeed, such a choice renders more...

We use a panel of 16 OECD countries over several decades to investigate the effects of government debts and deficits on long-term interest rates. In simple static specifications, a one-percentage-point increase in the primary deficit relative to GDP increases contemporaneous long-term interest...

In view of the growing attention paid to the role of fiscal governance in budgetary outcomes, this paper tries to shed light on the link between the recent Greek fiscal crisis and aspects of fiscal governance. It reviews fiscal developments in Greece over the last decade and challenges the...

In this paper I argue that the financial crisis is likely to have a long term impact on the level of labour productivity in the UK while leaving the long run growth rate unaffected. Based entirely on pre-crisis data, and using a two-sector growth model, I project the future growth rate of GDP...

Using data from several large scale longitudinal surveys, this paper investigates the relationship between older women’s personal incomes and their work histories in the UK, US and West Germany. By comparing three countries with very different welfare regimes, we seek to gain a better...

This paper sets out the economic analytics of pensions. After introductory discussion, successive sections consider the effects of different pension arrangements on labour markets, on national savings and growth, and on the distribution of burdens and benefits. These areas are controversial and...

In 1997 Chancellor Kohl proposed a major pension reform: he pushed the law through Parliament explaining that the German PAYG system had become unsustainable. One limitation of the new law - one that is crucial for our identification strategy - is that it left the generous pension entitlements...

The balance between private and public sectors in welfare activity in the UK has been documented by Burchardt (1997) and Smithies (2005) for three time periods; 1979/1980, 1995/1996 and 1999/2000. The existing evidence suggested that a welfare mix has previously been in existence but that the...

Using data from several large scale longitudinal surveys, this paper investigates the relationship between older women’s personal incomes and their work histories in the UK, US and West Germany. By comparing three countries with very different welfare regimes, we seek to gain a better...