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Pensions and fertility back to the roots : the introduction of Bismarck's pension scheme and the European fertility decline; N°1734, September 2014
Fenge, Robert (contributor); Scheubel, Beatrice (contributor) - European Central Bank - 2014
Fertility has long been declining in industrialised countries and the existence of public pension systems is considered … pension system depresses fertility. Our theoretical framework highlights that the effect of a public pension system on … fertility works via the impact of contributions in such a system on disposable income as well as via the impact on future …
Persistent link: https://www.econbiz.de/10015301824
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Workshop on pensions
Mink, Reimund (contributor);  … - European Central Bank; European Commission / … - 2010
Persistent link: https://www.econbiz.de/10015311445
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Optimal level of government debt : matching wealth inequality and the fiscal sector; N° 1665 / April 2014
Vogel, Edgar (contributor) - European Central Bank - 2014
We calibrate an incomplete markets large scale OLG model to the US income and wealth distribution and examine the effects of alternative government debt levels and adjustment policies on macroeconomic aggregates and welfare. We find that the government should hold negative debt. Due to the high...
Persistent link: https://www.econbiz.de/10015301887
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Population ageing and public pension reforms in a small open economy
Nickel, Christiane; Rother, Philipp; Theophilopoulou, … - European Central Bank - 2008
This paper aims to address the issue of public pension reforms under demographic ageing that is likely to occur in …
Persistent link: https://www.econbiz.de/10005530838
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Fiscal sustainability and public debt in an endogenous growth model
Fernández-Huertas Moraga, Jesús; Vidal, Jean-Pierre - European Central Bank - 2004
This paper investigates fiscal sustainability in an overlapping generations economy with endogenous growth coming from human capital formation through educational spending. We assess how budgetary imbalances affect economic dynamics and the outlook for economic growth, thereby providing a...
Persistent link: https://www.econbiz.de/10005530746
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Debt stabilizing fiscal rules
Michel, Philippe; von Thadden, Leopold; Vidal, Jean-Pierre - European Central Bank - 2006
Unstable government debt dynamics can typically be corrected by various fiscal instruments, like appropriate adjustments in government spending, public transfers, or taxes. This paper investigates properties of state-contingent debt targeting rules which link stabilizing budgetary adjustments...
Persistent link: https://www.econbiz.de/10005816209
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On prosperity and posterity: the need for fiscal discipline in a monetary union
Detken, Carsten; Gaspar, Vítor; Winkler, Bernhard - European Central Bank - 2004
We show how in a Blanchard-Yaari, overlapping generations framework, perfect substitutability of government bonds in Monetary Union tempts governments to exploit the enlarged common pool of savings. In Nash equilibrium all governments increase their bond financed transfers to current generations...
Persistent link: https://www.econbiz.de/10005162931
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Identifying fiscal sustainability challenges in the areas of pension, health care and long-term care policies
Carone, Giuseppe (contributor); Eckefeldt, Per (contributor) - European Commission / Directorate-General for Economic …; … - 2014
This paper presents a horizontal assessment framework used by the Commission services to identify structural-fiscal reforms that are deemed necessary to address fiscal sustainability challenges in the Member States. It describes the steps to ascertain the extent to which there is a policy...
Persistent link: https://www.econbiz.de/10015304057
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Monetary and fiscal policy interactions : risks to price stability in times of high government debt
Checherita-Westphal, Cristina (contributor);  … - European Central Bank - 2024
The change in macroeconomic conditions since the ECB's strategy review in 2021 towards an environment characterised by above-target inflation, high interest rates, and renewed concerns about elevated government debt has been a vocal reminder of the intricate interdependencies between monetary...
Persistent link: https://www.econbiz.de/10015321150
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Credit risk SREP methodology
European Central Bank - 2024
Persistent link: https://www.econbiz.de/10015322150