Based on Austria's fiscal stance in 1995, we compute the generational accounts for currently living as well as future generations. The results reveal the existence of an enormous intergenerational imbalance in favor of currently living generations. Total public sector liabilities may be more...

Die Ausführungen behandeln die institutionelle Ausgestaltung der Alterssicherung in Deutschland. Im Mittelpunkt steht das Verhältnis zwischen Bevölkerung und Politik. Die Beziehung wird im Rahmen der Principal-Agent-Theorie - mit der Bevölkerung als Principal und der Politik als Agent -...

Until the early 1990s, the discussions on fiscal policy primarily centered on the functions of economic stabilization, income redistribution and resource allocation. Long-term growth was not usually viewed as an end itself, and fiscal policy was often not sufficiently tailored to the different...

Local government units (LGU) are nowadays facing the very difficult and complicated task of making reasonable decisions regarding the transforming of SPZOZs into capital companies. First, it seems necessary to carry out a simulation of costs and advantages of the assumed models and solutions...

This paper examines the determinants of social spending in Latin America during the period 1990-2012 and how they differed between the years of the Washington Consensus (1990-2000) and the period that followed (2001-2012). Special attention is also paid to the evaluation of convergence towards a...

The rapid journey from central planning to EU (euro area) membership stress-tested the social learning processes of the Former Transition Economies (FTEs). The desire for a higher standard of living, to be anchored to the West, and to enter the EU, spurred major reform waves and led to the very...

In der Dezemberausgabe 2015 veröffentlichte der Wirtschaftsdienst einen Aufsatz zur Überprüfung des Stabilitäts- und Wachstumsgesetzes (StabG) von Henrike Michaelis, Steffen Elstner und Christoph M. Schmidt. Dazu erscheinen diese Replik und eine Erwiderung der Autoren.

This paper develops a dynamic stochastic general equilibrium model to examine the quantitative macroeconomic implications of countercyclical fiscal policy for France, Germany and the UK. The model incorporates real wage rigidity which is the particular market failure justifying policy...

This paper bolsters Prescott's (2004) claim that high taxes are responsible for lacklustre labor market performance in continental European countries. We develop a lifecycle model with endogenous skill formation, endogenous labor supply, and endogenous retirement. Labor taxation distorts not...

The relevance of political risk to international trade and investment remains a topic of continuing interest. However, summary measures of political risk, including country corruption, do not give consistent results. In this paper, we bring together two recent streams of literature to highlight...