wages, taxes, and the public pension system. The early retirement provision in most pension systems acts as a trap, inducing …

myopia may justify public pensions but never alongside positive private savings. With sufficient myopia, co-existence of … positive optimal pensions and positive private saving is possible if the real interest rate on saving evolves endogenously, as …

This paper investigates the welfare costs of unilateral versus internationally coordinated emission permit policies in … country, the domestic welfare costs of a unilateral domestic permit policy are larger than of an internationally coordinated … the post-Kyoto era since bearing the costs of foreign actionism is cheaper, in terms of welfare, than agreeing on …

-reducing country. The net welfare effect of improving terms of trade and falling capital stocks is negative in both countries. However …, if the country which unilaterally reduces her emission permits is a net creditor to the world economy, her own welfare …

(EMU) led to lower wage growth and lower unemployment in participating countries. Following Grüner’s model, monetary … national business cycles which, in turn, leads to higher unemployment risk. In order to counter-balance this effect, trade … unions lower their claims for wage mark-ups resulting in lower wage growth and lower unemployment. This paper uses …