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level, a subject that is currently under debate in Germany where states do have virtually no power to tax. We use a simple …
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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...
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-corporate sectors in Germany. In doing so, we perform a counterfactual analysis and ask how the allocation of capital across sectors …
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of migrants to four countries, viz. France, Germany, the UK and the US, which receive a substantial share of all …
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