This paper deals with fiscal policy over the business cycle when international financial markets are imperfect. I document evidence that government expenditure tends to be more procyclical the higher is the borrowing cost for a sovereign. Decomposing government expenditure components shows that...

In this paper I use a multi-period OLG model to study how a demographic shock is distributed among different generations. In particular, I investigate whether a funded pension system allows for a smoother adjustment than an unfunded system. The results suggest that the answer to this question...

We study state dependence in the German welfare system and compare transition patterns before and after recent reforms of the welfare system (Hartz Reforms). Using data from the German Socio-Economic Panel, we apply dynamic multinomial logit estimators and find that welfare transitions have...

We study state dependence in the German welfare system and compare transition patterns before and after recent reforms of the welfare system (Hartz Reforms). Using data from the German Socio-Economic Panel, we apply dynamic multinomial logit estimators and find that welfare transitions have...

This paper deals with fiscal policy over the business cycle when international financial markets are imperfect. I document evidence that government expenditure tends to be more procyclical the higher is the borrowing cost for a sovereign. Decomposing government expenditure components shows that...

In this paper I use a multi-period OLG model to study how a demographic shock is distributed among different generations. In particular, I investigate whether a funded pension system allows for a smoother adjustment than an unfunded system. The results suggest that the answer to this question...