Showing 1 - 10 of 298
different beliefs about how policy choices will map into future economic outcomes. We show that when the incumbent party can …-serving behavior by political parties, but rather stems from their differing beliefs about the consequences of their actions. …
Persistent link: https://www.econbiz.de/10010781549
and treat correlated information as independent. In consequence, people’s beliefs are excessively sensitive to well …-connected information sources, implying a pattern of “overshooting” beliefs. Additionally, in an experimental asset market, correlation …
Persistent link: https://www.econbiz.de/10010718532
We conduct a large-scale field experiment in the German labor market to investigate how information provision affects job seekers' employment prospects and labor market outcomes. Individuals assigned to the treatment group of our experiment received a brochure that informed them about job search...
Persistent link: https://www.econbiz.de/10013021760
This paper provides the first estimate of the actuarial balance of the Spanish contributory pension system for the old age contingency, based on official data. The novel entry in the balance sheet, named “Contribution Asset” or “Hidden Asset”, is at the centre of the theoretical...
Persistent link: https://www.econbiz.de/10005405839
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/10005405865
We model the optimal reaction of a public PAYG pension system to demographic shocks. We compare the ex-ante first best and second best solution of a Ramsey planner with full commitment to the outcome under simple third best rules that mimic the pension systems observed in the real world. The...
Persistent link: https://www.econbiz.de/10005406258
The labor market effects of pension reform stem from retirement behavior and from job search and hours worked of prime age workers. This paper investigates the impact of four often proposed policy measures for sustainable pensions: strengthening the tax benefit link, moving from wage to price...
Persistent link: https://www.econbiz.de/10005406381
This paper investigates how parametric reform in a pay-as-you-go pension system with a tax benefit link affects retirement and work incentives of prime-age workers. We find that postponed retirement tends to harm incentives of prime-age workers in the presence of a tax benefit link, thereby...
Persistent link: https://www.econbiz.de/10005416505
The pay-as-you-go social security system, which suffers from dwindling labor force, can benefit from immigrants with birth rates that exceed the native-born birth rates in the host country. Thus, a social security system provides effectively an incentive to liberalize migration policy. The paper...
Persistent link: https://www.econbiz.de/10004979409
Why do people have kids in developed societies? We propose an empirical test of two alternative theories — children as “consumption” vs. “investment” good. We use as a natural experiment the Italian pension reforms of the 90s that introduced a clear discontinuity in the treatment...
Persistent link: https://www.econbiz.de/10004979411