It is shown that the net fiscal externality created by an additional member of a Pay-as-you-go-pension system that is endowed with individual accounts equals the gross contribution of this member. In Germany, this is an amount of about DM 175,000. The paper uses this information to design a...

Diese Studie beschäftigt sich mit drei Herausforderungen, mit denen die Lohnpolitik an der Schwelle des nächsten Jahrtausends konfrontiert wird: Ein technischer Fortschritt, der insbesondere gering qualifizierte Arbeit freisetzt, die zunehmende internationale Integration der Arbeits- und...

This article surveys the literature on selection effects in retirement behavior. More specifically, we consider early retirement schemes with actuarially fair adjustments based on average life expectancy. To this end, we recapitulate the theoretical literature on selection effects and resulting...

In this paper we analyze exemplarily the volatility of the internal rates of return of the German pension system over the life-cycle of an individual born in 1957. The outcome is compared to an alternative defined-contribution or defined-benefit policy. Based on the actual data, our results show...

Presuming an ageing population, every introduction of a pay-as-you-go scheme causes intergenerational redistribution in favor of the first generations and to the burden of young and future generations. Using the concept of internal rates of return we want to examine the extent to which the first...

During the next decades the populations of most developed countries will grow older as a result of the low level of birth rates since the 1970s and/or the continuously increasing life expectancy. We show within a Generational Accounting framework how unsustainable the public finances of France,...

We collect data on operations, targets and human resources management practices in over 1,800 schools educating 15-year-olds in eight countries. Overall, we show that higher management quality is strongly associated with better educational outcomes. The UK, Sweden, Canada and the US obtain the...

Recent research suggests that much of the cross-firm variation in measured productivity is due to differences in use of advanced management practices. Many of these practices – including monitoring, goal setting, and the use of incentives – are mediated through employee decision-making and...

Squaring hourly demand and wind-solar production data for Germany and a number of neighbouring countries with the results of the EU's ESTORAGE project, this paper studies the limits of Germany's energy revolution in view of the volatility of wind and solar power. In addition to pumped storage,...