Záznam přidán/aktualizován: 11. března 2022 v 09.53 hod.
Introducing Flexible Retirement: A Dynamic Model
András Simonovits
Prague Economic Papers 2021, 30(6):635-653 | DOI: 10.18267/j.pep.788
Mature market economies steadily raise full-benefit retirement ages and add flexible (or variable) retirement age: early/late retirement is punished/rewarded to neutralize the budgetary impact of free choice within wide age limits. New EU member states also raise full-benefit retirement ages, but typically restrict downward flexibility, conditioning it on long enough length of contribution (e.g., Czechia) but sometimes even forsake the deduction (Females40 scheme in Hungary). In this paper, we shall study the costs of removing restrictions on flexibility. In our dynamic model, we show that even if early retirement is duly punished, diminishing...
Impact of Institutions on Economic Growth Across OECD Countries
Óscar Afonso, Inês Almeida, Natércia Fortuna
Prague Economic Papers 2021, 30(6):654-674 | DOI: 10.18267/j.pep.789
This paper provides empirical evidence in support of the view that quality of institutions is an important determinant of medium and long-term growth in OECD countries. Regarding the methodology, a panel data analysis with two-stage least squares (2SLS) estimation will be used to account for the endogeneity of the institutional variable. Besides institutional quality, we also consider other relevant determinants of potential growth such as the initial level of GDP per capita, public debt, and structural variables typically referred to in economic growth theory. Our estimation results show a positive impact of institutions on subsequent economic growth:...
Gender Pay Gap in the Czech Republic - Its Evolution and Main Drivers
Drahomíra Zajíčková, Miroslav Zajíček
Prague Economic Papers 2021, 30(6):675-723 | DOI: 10.18267/j.pep.787
The study estimates the size of the gender pay gap (GPG) for the Czech Republic in the years 2006-2017 using data from the EU-SILC survey. The size of the GPG (and the related variables) remains relatively time-invariant with a statistically weak relation to the business cycle. Using the Oaxaca-Blinder decomposition, we found out that the unexplained part of the GPG amounts to 50% of the whole GPG (on average) and only one third of the GPG is caused by an endowment effect or an interaction between the endowment effect and the coefficient effect. Selection bias plays a statistically insignificant role in terms of the GPG formation and explanation. Parenthood...
Study on Impacts of COVID-19 Pandemic Recession Based on Monte Carlo Simulation
Di Shang, Chang Yu, Gang Diao
Prague Economic Papers 2021, 30(6):724-747 | DOI: 10.18267/j.pep.786
We analyse the economic impact of the economic recession caused by the unprecedented COVID-19 pandemic by estimating the amplitude, duration and scope of influence of the recession. We employ the turning point method to extract the characteristics of the historical recessions since 1980 in 153 countries and use the information to obtain the distribution characteristics of the GDP growth rate in these countries during the current pandemic-induced recession with Monte Carlo simulation. We then make judgment on the scope of influence of this pandemic-induced recession by investigating the co-movement relationship between the historical recessions in the...
Employer of Last Resort for the Czech Republic
Filip Červenka
Prague Economic Papers 2021, 30(6):748-767 | DOI: 10.18267/j.pep.792
This article simulates a programme called Employer of Last Resort, and analyses its potential impact in the Czech Republic. The design of the programme guarantees perfectly inelastic demand for labour at a given wage level. In practice, the state would offer a job to anyone willing to work in order to eliminate involuntary unemployment, reduce poverty and income inequality and secure stable growth. My aim is to estimate hypothetical effects on the main objectives and calculate fiscal demands if the programme was launched on the Czech labour market. The results suggest that the programme could significantly reduce unemployment and...