The role and influence of school on shaping the value of contemporary competences
In: Rozprawy Społeczne: Social Dissertations, Volume 16, Issue 1, p. 38-51
ISSN: 2657-9332
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In: Rozprawy Społeczne: Social Dissertations, Volume 16, Issue 1, p. 38-51
ISSN: 2657-9332
In: Deutsche Bundesbank Discussion Paper No. 30/2018
SSRN
Working paper
In: Peace economics, peace science and public policy, Volume 24, Issue 2
ISSN: 1554-8597
Abstract
With compulsory funded public social security systems, pension savings constitute a large stock of assets. In this paper we consider an economy populated by overlapping generations, which may decide about abolishing the funded system and replacing it with the pay-as-you-go scheme (i.e. unprivatizing the pension system). We compare politically stable as well as politically unstable reforms and show that even if the funded system is overall welfare enhancing, the cohort distribution of benefits along the transition path may turn privatizing social security politically unsustainable.
In: ECB Occasional Paper No. 217 (2018); ISBN 978-92-899-3376-6
SSRN
In: IZA journal of labor policy, Volume 5, Issue 1
ISSN: 2193-9004
AbstractWe analyze the effects of increasing the retirement age in two economies with overlapping generations and within cohort ex ante heterogeneity. The first economy has a defined benefit system, and the second economy is in transition from a defined benefit to a defined contribution. We find that if increase in the retirement age is phased in a way that allows agents to adjust, welfare is not reduced and welfare effects have a similar magnitude and between-cohort distribution in both types of the pension systems.
In: IZA Discussion Paper No. 11621
SSRN
In: Journal of monetary economics, Volume 108, p. 135-139
In: Journal of common market studies: JCMS, Volume 57, Issue 2, p. 336-352
ISSN: 1468-5965
AbstractBoom‐bust cycles in the eurozone periphery almost toppled the single currency and recent experience suggests that they may return soon. We check whether monetary or macroprudential policy could have prevented the periphery's violent boom and bust after the euro adoption. We estimate a DSGE model for the two euro area regions, core and periphery, and conduct a series of historical counterfactual experiments in which monetary and macroprudential policy follow optimized rules that use area‐wide welfare as the criterion. We show that single monetary policy could have better stabilized output in both regions, but not the housing market or the periphery's trade balance. In contrast, region‐specific macroprudential policy could have substantially smoothed the credit cycle in the periphery and reduced the build‐up of external imbalances.