Social Protection as an Automatic Stabilizer
نویسندگان
چکیده
Social Protection as an Automatic Stabilizer This paper analyzes the effectiveness of social protection systems in Europe and the US to provide (income) insurance against macro level shocks in terms of automatic stabilizers. We find that automatic stabilizers absorb 38% of a proportional income shock and 47% of an idiosyncratic unemployment shock in Europe, compared to 32% and 34% in the US. There is large heterogeneity within Europe with stabilization being much lower in Eastern and Southern than in Central and Northern Europe. Our results suggest that social transfers, in particular the rather generous systems of unemployment insurance in Europe, play a key role for the stabilization of disposable incomes and explain a large part of the difference in automatic stabilizers between Europe and the US. JEL Classification: E32, E63, H2, H31
منابع مشابه
First - Best Fiscal Policy with Social Status ∗
This paper examines the first-best fiscal policy in a stochastic, infinite-horizon representative agent model that exhibits consumption-enhanced as well as wealth-enhanced social status in the household utility. We show that the first-best labor tax rate is a positive constant that is used to correct negative consumption externalities. The first-best capital tax rate is also positive in order t...
متن کاملThe Automatic Stabilizer Property of Social Insurance Programs∗
Should the generosity of unemployment benefits and the progressivity of income taxes depend on the presence of business cycles? This paper proposes a tractable model where there is a role for social insurance against uninsurable shocks to income and unemployment, as well as inefficient business cycles driven by aggregate shocks through matching frictions and nominal rigidities. We derive an aug...
متن کاملExperimental Investigations of a Precision Sensor for an Automatic Weapons Stabilizer System
This paper presents the results of experimental investigations of a precision sensor for an automatic weapons stabilizer system. It also describes the experimental equipment used and the structure of the developed sensor. A weapons stabilizer is designed for automatic guidance of an armament unit in the horizontal and vertical planes when firing at ground and air targets that are quickly maneuv...
متن کاملASIC design protection against reverse engineering during the fabrication process using automatic netlist obfuscation design flow
Fab-less business model in semiconductor industry has led to serious concerns about trustworthy hardware. In untrusted foundries and manufacturing companies, submitted layout may be analyzed and reverse engineered to steal the information of a design or insert malicious Trojans. Understanding the netlist topology is the ultimate goal of the reverse engineering process. In this paper, we propose...
متن کاملThe "automatic stabilizer" and angle of attack assessor: human factors contributions of the Wright brothers.
The Wright brothers followed their invention of the first practical airplane (1903) with a second epochal invention, the angle of attack sensor and aircraft stabilizer (1908). Both inventions were patented and details of each are contained in the respective patents for these two aeronautical advances. This paper emphasizes how the angle of attack sensor actuated an "automatic stabilizer." This ...
متن کامل