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Bonato, Leo; Lusinyan, Lusine - International Monetary Fund (IMF) - 2004

Work absence is an important part of the individual decision on actual working hours. This paper focuses on sickness absence in Europe and develops a stylized model where absence is part of the labor-leisure decision made by workers and the production decision made by profit-maximizing firms,...

Persistent link: https://www.econbiz.de/10005826222

Global Aging and Declining World Interest Rates; Macroeconomic Insurance Through Pension Reform in Cyprus

Hoffmaister, Alexander W.; Guajardo, Jaime; Catalán, Mario - International Monetary Fund (IMF) - 2008

) with aging populations? Lower interest rates will result in higher capital-labor ratios and increased wages; higher wages … be stronger if pensions are indexed to nominal wages rather than prices. Using an overlapping generations model, the … wages to prices, provide substantial macro-insurance and shock absorption benefits. …

Persistent link: https://www.econbiz.de/10005263971

Coping with Spain's Aging; Retirement Rules and Incentives

Hoffmaister, Alexander W.; Catalán, Mario; Guajardo, Jaime - International Monetary Fund (IMF) - 2007

This paper evaluates the macroeconomic and welfare effects of extending the averaging period used to calculate pension benefits in a pay-as-you-go system. It also examines the complementarities between reforms extending the averaging period and those increasing the retirement age under...

Persistent link: https://www.econbiz.de/10005769092