Stylized facts suggest that output volatility in OECD countries has declined in recent years. However, the causes and the nature of this decline have so far been analyzed mainly for the United States. In this paper, we analyze whether structural breaks in the dynamics and the volatility of the...

Germany?s social security system is surveyed, its benefits and contributions are discussed. The expansion of this system in the last decades is described, its impact on employment and growth is studied and proposals for the reform of the system are discussed.