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The impact of grandchildren on retirement timing: evidence from SHARE data
Srna, Jan ; Pertold-Gebicka, Barbara (advisor) ; Votápková, Jana (referee)
This thesis examines the role of grandchildren's existence in the retirement timing decision- making process of grandparents. Previous literature has focused mostly on other aspects of retirement and potential causes that can affect its timing. Using the Two-Stage least squares estimation on the SHARE dataset, representing 17 European countries and Israel, we estimate the desired effect with respect to various data limitations (age groups, gender, child existence). Residential proximity is used as the instrument for estimation. Having at least one grandchild yields a statistically significant result that increases on average the likelihood of retirement by 19% when compared to a non-grandparent while holding other factors constant. As a secondary outcome, the estimated effect of an additional child on retirement likelihood is negative. JEL Classification C36, C51, J26 Keywords grandchild, retirement, Instrumental variable, SHARE, IV, wide-ranging data, 2SLS Title The impact of grandchildren on retirement timing: evidence from SHARE data
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The Impact of Electoral Cycles on Monetary Policies in Advanced and Developing Economies
Lupusor, Adrian ; Horváth, Roman (advisor) ; Havránek, Tomáš (referee)
The thesis provides a comparative estimation of the electoral cycles' influence on the monetary policies among a group of developed and developing countries. We use a non-linear central bank's reaction function which captures the regime switching behavior of the monetary authority depending on the proximity of elections. Moreover, we compare the reaction function with partial adjustment, which controls for policy inertia, with a non-inertial policy rule with serially correlated errors which takes into account other shocks determining the central bank to deviate from its policy rule. The estimation was performed via OLS, 2SLS and 3SLS, the preference being given to the last one due to correction of endogeneity problem and efficiency gains. Robust evidence about election induced monetary policies was found in 2 out of 10 developed economies and 4 out of 10 developing economies. In these countries, the central banks tend to be less inflation averse and/or less counter-cyclical (or even pro- cyclical) during electoral periods in comparison with normal times. Additionally, we find that the legislative framework, in these countries, incorporates significant deviations from the best practices of central bank independence. Finally, following the dynamic inconsistency problem, we document a strong...
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