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Reforming Pensions : Myths, Truths, and Policy Choices
Barr, N. A. - 2000
This paper discusses the strategic building blocks of pension reform. The early sections set out the simple economics of pensions and discuss a series of myths which have proved remarkably persistent. Subsequent sections draw together the conclusions for policy design from earlier theoretical...
Persistent link: https://www.econbiz.de/10014399953
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Social Security and Institutions for Intergenerational, Intragenerational, and International Risk Sharing
Shiller, Robert J. - 2021
Social security system old age insurance systems are devices for the sharing of income risks of elderly people with others. Risks can be shared intergenerationally (with the young of the same country), intragenerationally (with other elderly of the same country), or internationally (with...
Persistent link: https://www.econbiz.de/10013245709
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Social Security in Theory and Practice (I) : Facts and Political Theories
Mulligan, Casey B.; Sala-i-Martin, Xavier - 2021
groups: political', efficiency' and narrative' theories. We explore three political theories in this paper: the majority … the explanations is compared with the international and historical facts. A companion paper explores the efficiency' and …
Persistent link: https://www.econbiz.de/10013311193
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Excess Capital Flows and the Burden of Inflation in Open Economies
Desai, Mihir A.; Hines Jr., James R. - 2021
This paper estimates the efficiency consequences of interactions between nominal tax systems and inflation in open … capital movement and influencing domestic and foreign tax receipts, saving, and investment. The efficiency costs of inflation …
Persistent link: https://www.econbiz.de/10013217933
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Accounting for technology heterogeneity in the measurement of persistent and transient inefficiency
Skevas, Ioannis - In: Economic modelling 137 (2024), pp. 1-8
Persistent link: https://www.econbiz.de/10014549231
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Linkages Between Financial Variables, Financial Sector Reform and Economic Growth and Efficiency
Johnston, R. B. - 1995
economic growth and efficiency, using panel data for 40 countries which reformed their financial systems. Financial sector … reform is hypothesized to affect economic growth and efficiency through three main channels: the real interest rate … representing the interest cost of capital, the volume of intermediation, and financial sector efficiency. The results indicate that …
Persistent link: https://www.econbiz.de/10014395836
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Long-run biological interest rate for pay-as-you-go pensions in advanced and developing countries
Nozaki, Masahiro - 2017
How much of an internal rate of return would a sustainable pay-as-you-go pension system offer current and future generations equally? The answer is the sum of the Long-Run Biological Interest Rates (LBIR), the real-world equivalent of Samuelson's (1958) biological interest rate, and future...
Persistent link: https://www.econbiz.de/10011671080
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Social Security, Demographic Trends, and Economic Growth : Theory and Evidence from the International Experience
Ehrlich, Isaac; Kim, Jinyoung - 2021
The worldwide problem with pay-as-you-go (PAYG) social security systems isn't just financial. This study indicates that these systems may have exerted adverse effects on key demographic factors, private savings, and long-term growth rates. Through a comprehensive endogenous-growth model where...
Persistent link: https://www.econbiz.de/10013227017
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Inference for adaptive time series models : stochastic volatility and conditionally Gaussian state space form
Bos, Charles S.; Shephard, Neil G. - 2004
In this paper we replace the Gaussian errors in the standard Gaussian, linear state space model with stochastic volatility processes. This is called a GSSF-SV model. We show that conventional MCMC algorithms for this type of model are ineffective, but that this problem can be removed by...
Persistent link: https://www.econbiz.de/10011334849
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On loss functions and ranking forecasting performances of multivariate volatility models
Laurent, Sébastien; Rombouts, Jeroen V. K.; Violante, … - In: Journal of econometrics 173 (2013) 1, pp. 1-10
Persistent link: https://www.econbiz.de/10009719647