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Vote-share bonds
(2010)VOX CEPR's Policy PortalHow can excessive public debt be avoided? This column proposes a novel solution: “vote-share bonds”. These government bonds are tied to the share of the vote that the adoption of the underlying deficit has received in parliament. A bond with a higher vote-share is considered senior. Vote-share bonds inspire fiscal responsibility, while retaining the flexibility to stabilise negative macroeconomic shocks.Other Publication -
Raising the Bar for Incumbents
(2012)VOX CEPR's Policy PortalIncumbent politicians have a host of advantages in US elections; members of the US Congress are typically re-elected about 90% of the time. This column argues that such a head start can often be bad for the country, with leaders focusing on short-term populist policies rather than the greater good. It suggests raising the bar for incumbent candidates.Other Publication -
“Triple-knot” fiscal safety for the Eurozone
(2011)VOX CEPR's Policy PortalMany economists are calling for new rules in European governance to put a stop to the Eurozone crisis, with some going so far as to suggest steps towards political union. This column outlines an institutional framework – a proposal the author calls “Reciprocal Parliamentary Approval” – that may help to restore the fiscal stability many see as vital to the survival of Europe’s single currency without states surrendering their sovereignty.Other Publication -
Vote-share Contracts and Democracy
(2007)VOX CEPR's Policy PortalIncumbents enjoy an electoral advantage that they have been known to exploit to the detriment of society. Recent theoretical research into “political contracts” suggests ways of mitigating the incumbency problem.Other Publication -
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Nachhaltigkeit in der sozialen Sicherung über 2030 hinaus
(2016)ÖkonomenstimmeDie soziale Sicherung in Deutschland ist nicht nachhaltig finanziert. Dieser Beitrag schlägt deshalb ein Paket von Reformvorschlägen vor, das die soziale Sicherung wieder zukunftsfähig macht.Other Publication -
Climate Policy with a Global Refunding System
(2008)VOX CEPR's Policy PortalTackling climate change is difficult because it requires international cooperation to address global externalities. This column proposes a global refunding system, which would provide incentives for emissions reductions while allowing member countries to choose their carbon tax rates.Other Publication -
Government Debt-Threshold Contracts
(2010)VOX CEPR's Policy PortalThe Eurozone crisis and debate over fiscal stimulus have emphasized the importance of responsible government debt management. CEPR DP 8001 develops a political economy model in which politicians prop up their reelection chances with debt-financed public projects but postpone the delivery of the projects until the next term. The author proposes to remedy this by instituting debt-threshold contracts which, if violated, would disqualify ...Other Publication