Conventional pension systems suffer from a design defect which makes them financially unsustainable, and a source of inefficiency for the economy as a whole. The paper outlines a second-best policy which includes a public pension system made up of two parallel schemes, a Bismarckian one allowing...

This article investigates the impact of unemployment on the likelihood of having a first child. Using micro-data from the European Community Household Panel (ECHP), I apply event history methods to analyze first-birth decisions in France, West Germany, and the UK (1994-2001). The results...