Gilles Saint-Paul, 07 March 2019

Macroeconomic populism typically leads to higher levels of public debt, public spending, deficits, and crises. Nevertheless, this column argues that it is rational for groups of voters to vote for a populist who reflects their interests, because they will be favoured when a fiscal adjustment occurs. The greater the fiscal adjustment required, the more likely voters are to elect a populist who will discriminate between groups. 

Roel Beetsma, Ward Romp, Ron van Maurik, 13 November 2017

Population ageing means that many current pension regimes are unsustainable, but the timing of pension reform measures is a political as well as an economic decision. This column uses new data on OECD pension reforms since 1970 to show that their timing has not been driven by projected demographic developments or political change, but by the state of the economy at the time when reforms were legislated. Pension systems have expanded more frequently during booms, and have contracted during economic downturns.

Francesco Giavazzi, 22 July 2010

The global macroeconomy is at a juncture; some economists argue for continued fiscal stimulus to avoid a double dip recession while others argue for fiscal prudence. In this column, one of the world's leading macroeconomists argues for continued stimulus combined with a plan to ensure long-run sustainability by reforming the funding of pension liabilities.

Francesco Billari, Vincenzo Galasso, 07 November 2008

Economic theory views children as investment or consumption goods. Using Italian pension reforms as a natural experiment, this column find evidence that supports the “children as investment” view.

Tito Boeri, Agar Brugiavini, 16 August 2007

Italy’s Agreement on pensions has been signed, but it’s not the start of a new pact between generations. It’s a plug to buy time while holding out for new corrective measures. All the fundamental problems remain unresolved.

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