Showing 1 - 5 of 5
The presence of cross-sectionally correlated error terms invalidates much inferential theory of panel data models …
Persistent link: https://www.econbiz.de/10010263969
Workfare policies are often introduced in labour market policies to improve the trade-off between incentives and insurance as an alternative to benefit reductions. Most of the debate on such policies has focussed on the direct effect of those participating in the scheme, and in particular the...
Persistent link: https://www.econbiz.de/10010270594
This paper revisits the role played by myopia in generating a theoretical rationale for pay-as-you-go social security in dynamically efficient economies. Contrary to received wisdom, if the real interest rate is exogenously fixed, enough myopia may justify public pensions but never alongside...
Persistent link: https://www.econbiz.de/10010270595
It is widely perceived that globalization is a threat to tax financed public sector activities. The argument is that public activities (public consumption and transfers) financed by income taxes may distort labour markets and cause higher wages and thus a loss of competitiveness. If the...
Persistent link: https://www.econbiz.de/10010276754
Many countries face the problem of how to reform social security systems to cope with increasing life expectancy. This raises questions concerning both distribution and risk sharing across generations. These issues are addressed within an OLG model with stochastic life expectancy across...
Persistent link: https://www.econbiz.de/10010261356