To examine the impact of inflation on portfolio choice, this paper estimates a complete system of asset and liability demands for the U.K. nonbank private sector from 1976 through 1985. Among other results, it is found that higher inflation induces investors to take on more debt and to invest...

The implications of European fiscal harmonization for the French economy are examined using a general equilibrium model. The model extends the overlapping generations, simulation model developed by Auerbach and Kotlikoff in three ways: a well-developed external sector is included; households face...