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Public pensions in the U.S.
(2005)
Contents: The Public Old Age Insurance of the U.S. -Historical overview -Technical details -Individual equity and social adequacy The Economic Problem of Old Age -Risks and economic security -Old age, retirement, and idividual precaution -Insurance markets, market failures, and social insurance -Options for public pension systems The Problems of Social Security -The financial balance of OASDI -Causes of the long-run problems -Rates of return -Conclusion - The case for Social Security reform Proposed Remedies -Full, partial, or no privatization? -The President's Commission to Strengthen Social Security -Kotlikoff's Personal Security System -The Diamond-Orszag Three-Part plan
Many European countries have experienced a significant increase of unemployment in recent years. This paper reviews several theoretical models that try to explain this phenomenon. Predominantly, these models claim a link between the poor performance of European labor markets and the high level of market regulation. Commonly referred to as the Eurosclerosis debate, prominent approaches consider insider-outsider relationships, search-models, and the influence of hiring and firing costs on equilibrium employment. The paper presents empirical evidence of each model and studies the relevance of the identified rigidities as a determinant of high unemployment in Europe. Furthermore, a case study analyzes the unemployment problem in Germany and critically discusses new reform efforts. In particular this section analyzes whether the recently enacted Hartz reforms can induce higher employment.