https://www.um.edu.mt/library/oar/handle/123456789/16883 2026-04-23T20:48:33Z 2026-04-23T20:48:33Z https://www.um.edu.mt/library/oar/handle/123456789/33666 2018-09-13T01:38:57Z 2015-03-01T00:00:00Z

Title: Comparing fiscal multipliers across models and countries in Europe Abstract: This paper employs fifteen dynamic macroeconomic models maintained within the European System of Central Banks to assess the size of fiscal multipliers in European countries. Using a set of common simulations, we consider transitory and permanent shocks to government expenditures and different taxes. We investigate how the baseline multipliers change when monetary policy is transitorily constrained by the zero nominal interest rate bound, certain crisis-related structural features of the economy such as the share of liquidity-constrained households change, and the endogenous fiscal rule that ensures fiscal sustainability in the long run is specified in terms of labour income taxes instead of lump-sum taxes.

2015-03-01T00:00:00Z Grech, Aaron George https://www.um.edu.mt/library/oar/handle/123456789/33665 2018-09-13T01:38:55Z 2015-01-01T00:00:00Z

Title: Pension policy design changes in EU countries since the mid‐1990s Authors: Grech, Aaron George Abstract: Recent decades have been characterised by significant pension reforms. This article reviews this process, focusing on five policy design issues that have concerned policymakers: optimising poverty alleviation effectiveness; redefining the state's role in smoothing incomes over the life-course; balancing contributions to benefits; adjusting the system to respond to demographic, economic and social changes; and ensuring that reforms will be long-lasting. While the role of state pensions is diminishing, there is a growing realisation of the need to ensure that they remain adequate, reigniting interest in minimum pensions and contribution credits. The expanding role of private pensions has led governments to intervene more in their operation. Policymakers have shown interest in automatic adjustment mechanisms to bring about required economic changes. However, there is greater understanding that for these to happen, the state has to engage more with its citizens.

2015-01-01T00:00:00Z Grech, Aaron George https://www.um.edu.mt/library/oar/handle/123456789/33664 2020-11-24T10:59:11Z 2015-01-01T00:00:00Z

Title: Convergence or divergence? How the financial crisis affected European pensioners Authors: Grech, Aaron George Abstract: The Member States of the European Union entered the financial crisis with very different pension systems. Although the use of standard adequacy measures suggest small impacts from the crisis, alternative measures based on pension wealth estimates indicate stronger effects. Whilst the largest continental systems were left relatively unscathed by the crisis, Mediterranean systems were cut back significantly. This should lead to considerable convergence in system generosity across countries. Despite the cuts, state pensions in the stressed economies should still be generous enough to keep the majority of pensioners out of relative poverty, but this depends on a relatively quick turnaround in labour market performance in these countries.

2015-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/33661 2020-11-24T10:58:38Z 2015-01-01T00:00:00Z

Title: The financial crisis and differences in state pension generosity across EU countries Abstract: In pensions, major reforms, to some extent, predate the onset of the financial crisis. However, the crisis has led to significant changes - especially in those countries that had left their pension systems relatively unchanged prior to 2008. These cuts should lead to considerable convergence in system generosity across countries. State pensions in the stressed economies, even after the cuts, should still be generous enough to keep the majority of pensioners out of relative poverty. However, for this to be the case, there needs to be a recovery in employment amongst the younger generations, as the reformed pension systems have introduced a stronger link between entitlements and contributory records.

2015-01-01T00:00:00Z