This paper deals with the so-called 'double-dividend' of an environmental tax reform. We find that, in a model with only labor and a polluting input as factors of production, society faces a trade-off between internalizing environmental externalities and raising revenues in the least...

Higher life expectancy and feminization of work have changed the life course. These developments require changes in the way society organizes work and accumulates and maintains human capital over the life cycle. This paper describes various reforms aimed at preventing Europe from becoming a...

Pension schemes increasingly are stand alone, in the sense that they lack a risk-absorbing sponsor in the form of the government or corporations. This paper describes various principles for how stand-alone pension schemes should optimally share risks among participants and trade risks on capital...

This paper examines how alternative capital mobility assumptions affect the inci dence and efficiency of corporate income taxation. It uses a two-sect or intertemporal equilibrium model in which imperfectly elastic inves tment captures the notion of imperfectly mobile capital. If investmen t is...

Economic Science and Practice seeks to bridge the gulf between economic theory and policy and overcome some of the problems created by the specialized nature of much economic research. A distinguished group of academic economists and experienced policy makers from both Europe and the United...

Everywhere in the industrialized world, population aging is putting social security systems under financial strain. As a result, social security systems are being reformed in many countries. In particular, various countries move from pure pay-as-you-go (PAYG) systems to pension systems that...