A switch from a Bismarckian (BIS) earnings-related to a Beveridgean (BEV) flat ratepay-as-you-go (PAYG) pension scheme will raise the variance of personal replacementratios and, hence, the variance of individual interest-saving elasticities. A monopolisticfinancial sector can then make greater...

We develop a two-country labour-market model characterised by union wage-bargaining, in which the unemployed incur individual-specific costs of seeking work abroad. We explore the effects on equilibrium unemployment and population in each country of changes in union bargaining strength,...

This paper analyses a model of overlapping generations in which agents who do notparticipate in the labor market are unable to borrow. Thus an increase in a fullyfunded pension raises aggregate savings even with a fixed participation rate, sinceprivate savings are not crowded out one-for-one....

We reconsider pay-as-you-go pensions (PAYG) policy in a version of the Diamond(1965) overlapping generations model with an imperfectly competitive financialsector and with a low rate of tax on its profits. PAYG then has two effects on capital:the well-known negative crowding-out effect in...

If unfunded pensions crowd-out private savings, pensions reform should raise the timepath of capital. Even if reform has long-run benefits, there will still be a “doubleburden”problem for a transitional generation. Assuming that there is an asset whichdiscounts the present value of an income...

Over the past decade, nighttime lights have become a widely used proxy for measuring economic activity. This paper examines the potential for high frequency nighttime lights data to provide “near real-time” tracking of the economic impacts of the COVID-19 crisis in Morocco. At the national...

In this paper, we estimate a dynamic structural model of a rm s decision to invest in R&D and use it to measure the expected long-run bene t from R&D investment. We apply the model to German rms in ve high-tech manufacturing industries and distinguish rms by whether they sell in just the...

Over the past decade, nighttime lights have become a widely used proxy for measuring economic activity. This paper examines the potential for high frequency nighttime lights data to provide 'near real-time' tracking of the economic impacts of the COVID-19 crisis in Morocco. At the national...

In this paper we develop a structural empirical model that allows us to estimate the impact of R&D on firm profitability through two channels. In the first channel, R&D investment by the firm can impact the firm's production efficiency and lower its marginal cost. This productivity channel...