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Pensions and fertility: back to the roots - The introduction of Bismarck's pension scheme and the European fertility decline

Fenge, Robert; Scheubel, Beatrice - 2014

Fertility has long been declining in industrialised countries and the existence of public pension systems is considered as one of the causes. This paper provides detailed evidence based on historical data on the mechanism by which a public pension system depresses fertility. Our theoretical...

Persistent link: https://www.econbiz.de/10011605779

Pensions and Fertility : Back to the Roots -- The Introduction of Bismarck's Pension Scheme and the European Fertility Decline

Fenge, Robert - 2014

Persistent link: https://www.econbiz.de/10013047746

The COVID-19 consumption game-changer: Evidence from a large-scale multi-country survey

Hodbod, Alexander; Hommes, Cars H.; Huber, Stefanie J.; … - 2021

Prospective economic developments depend on the behavior of consumer spending. A key question is whether private expenditures recover once social distancing restrictions are lifted or whether the COVID-19 crisis has a sustained impact on consumer confidence, preferences, and, hence, spending....

Persistent link: https://www.econbiz.de/10012661627

The COVID-19 Consumption Game-Changer : Evidence from a Large-Scale Multi-Country Survey

Hodbod, Alexander; Hommes, Cars H.; Huber, Stefanie J.; … - 2021

Persistent link: https://www.econbiz.de/10013324580

Population ageing and public pension reforms in a small open economy

Nickel, Christiane; Rother, Philipp; Theophilopoulou, … - 2008

This paper aims to address the issue of public pension reforms under demographic ageing that is likely to occur in Europe over the next 50 years. Three possible scenarios are analysed in a Blanchard OLG framework. These include: i) a decrease both in public pensions and the lump sum labour...

Persistent link: https://www.econbiz.de/10011604909

Population Ageing and Public Pension Reforms in a Small Open Economy

Nickel, Christiane; Rother, Philipp C.; … - 2021

Persistent link: https://www.econbiz.de/10013316600

The optimal quantity of CBDC in a bank-based economy

Burlon, Lorenzo; Montes-Galdón, Carlos; Muñoz, Manuel A. - 2022

. Welfare- maximizing CBDC policy rules are effective in mitigating the risk of bank disintermediation and induce significant … welfare gains. …

Persistent link: https://www.econbiz.de/10014278483

Re-use of collateral: Leverage, volatility, and welfare

Brumm, Johannes; Grill, Michael; Kubler, Felix; … - 2018

We assess the quantitative implications of collateral re-use on leverage, volatility, and welfare within an infinite … become tighter, yet the impact on welfare is non-monotone. In the model, allowing for some re-use can improve welfare as it … leverage and lower welfare. So the analysis in this paper provides a rationale for limiting, yet not banning, re-use in …

Persistent link: https://www.econbiz.de/10012142062

Green asset pricing

Benmir, Ghassane; Jaccard, Ivan; Vermandel, Gauthier - 2020

. The optimal policy not only generates large welfare gains, it also reduces risk premiums and raises the average risk …-free real rate. The effect of the tax on asset prices and welfare critically depends on the emission abatement technology. …

Persistent link: https://www.econbiz.de/10012422139

The case for a positive euro area inflation target: Evidence from France, Germany and Italy

Adam, Klaus; Gautier, Erwan; Santoro, Sergio; Weber, Henning - 2021

account in the present paper may push up the optimal in ation targets further. The welfare costs associated with targeting …

Persistent link: https://www.econbiz.de/10012605271