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 …

the capital intensive export sectors. The overreactions cause unemployment, sluggish growth, a current account surplus and …

unemployment insurance scheme. We show that such immigration can create a negative immigration surplus due to adverse effects on …

unemployment. Four main results are derived: (i) the optimal size of the welfare state depends on the degree of risk-aversion and … the unemployment rate as a measure of labor income risk. The unemployment rate partly reflects the country’s exposure to … globalization; (ii) corporate taxation and social insurance have equivalent effects on unemployment and outbound FDI; (iii) while an …