We explore the impact of an EU-wide nuclear phase-out by 2030 provided the EU energy and climate policy for 2030 is implemented. Using a numerical simulation model of the European energy industry (LIBEMOD), we find that a complete nuclear phase-out in Europe by 2030 has a moderate impact on...

We examine how Green governments influence macroeconomic, education, and environmental outcomes. Our empirical strategy exploits that the Fukushima nuclear disaster in Japan gave rise to an unanticipated change in government in the German state Baden-Wuerttemberg in 2011. The incumbent rightwing...

This paper analyzes the effects of increased academic standards on both average achievement levels and on equality of opportunity. The five policies evaluated are: (1) universal Curriculum-Based External Exit Exam Systems, (2) voluntary curriculum-based external exit exam systems with partial...

The fraction of persons holding a college degree differs nearly two-fold across U.S. states. This paper documents data related to state educational attainment differences and explores possible explanations. It shows that highly educated states employ skillbiased technologies, specialize in...

There is no consensus about the causes of the reduction in business cycle volatility seen in many major economies over the last decade. Using stylised models of the economies of the US, Euro area, UK and Japan, we argue that economic stability has been fostered by improved monetary policy and by...

In this paper we develop a new way of modelling time variation in term premia. This is based on the stochastic discount factor model of asset pricing with observable macroeconomic factors. The joint distribution of excess holding period US bond returns of different maturity and the fundamental...

This study uses Fehr, Jokisch, and Kotlikoffs̕ (2004a) dynamic general equilibrium model to analyze the effects of changes in fertility and mortality on the developed worlds̕ demographic transition. The model features three regions the U.S., Japan, and the EU-15 and incorporates age- and...

The net present value of costs and benefits from a pay-as-you-go social security system are negative for young people and positive for the elderly. If people all vote their financial selfinterest, there will be a pivotal age such that those who are younger favor smaller social security benefits...

This paper argues that skill formation is a life-cycle process and develops the implications of this insight for Scottish social policy. Families are major producers of skills, and a successful policy needs to promote effective families and to supplement failing ones. Targeted early...

The aging of the populations in the OECD countries has prompted various calls for reforming the existing pay-as-you-go (PAYG) pension systems. Currently, there is renewed discussion in the United States about partial privatization where a fraction of the social security payroll tax would be...