Preparations are underway to revise national accounting to implement actuarial recording of pension liabilities for corporations and government as an employer. This paper extends this to unfunded public pensions with the help of ‘implicit tax’ in pension contributions. The clearest...

On 19 June 2010 the Chinese authorities announced that the renminbi (RMB) was henceforth to be pegged to a currency basket. Yet, it has quite closely followed the USD, though having appreciated by 2.7 % by the time of writing. At the G20 Seoul Summit on 11-12 November 2010, China committed to...

The purpose of this study is to investigate a pension reform in which the old-age pension entry age will be increased significantly: first by five years over the next ten years, and will then be linked to the projected increase in life expectancy. This needs to be examined in order to obtain a...

A nyugdíjreformok szükségessége két tényezőre vezethető vissza: az alacsony termékenységből és a növekvő élettartamból következő népességöregedésre, valamint a nemzedékek közti méltányosságra, amely azt írja elő, hogy a jövő nemzedékeire ne hárítsunk...

The measurement of quality is a difficult task given that quality typically is an unobserved product characteristic. In this paper we develop a new “Quality Indicator” based on a structural model with an identifiable quality parameter. We follow the methodology proposed by Di Comité, Thisse...

Work-related tax incentives can have a significant effect on how much, if at all, certain individuals decide to work. This paper examines the fiscal impacts and associated welfare costs of reforms to such tax relief measures in five European countries, France, Spain, the United Kingdom, Hungary...

This paper analyses how euro area inflation forecasts have been affected by the financial and economic crisis. Its first objective is to evaluate the accuracy of three representative groups of inflation forecasting models (rules of thumb and benchmark models; autoregressive moving average...