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coefficients in Austria, Hungary, Germany and Sweden for several years and categories; and obtain a mixed picture. Hungary stands …
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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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countries. France, Germany, and Italy have large pay-as-you-go pension systems and vulnerable labor markets. At the same time …
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