Are employers willing to employ more older individuals, in particular older women? Higher employment among the older segments of the population will only materialise if firms are willing to employ them. Although several economists have started considering the demand side of the labour market for...

This paper contributes to the already vast literature on demography-induced international capital flows by examining the role of labor market imperfections and institutions. We setup a two-country overlapping generations model with search unemployment, which we calibrate on EU15 and US data....

In a financial market with one riskless asset and n risky assets following geometric Brownian motions, we solve the problem of a pension fund maximizing the expected CRRA utility of its terminal wealth. By considering a stochastic death time for a subscriber, we solve a unique problem for bot...

This paper analyses the portfolio problem of an invetsor who wants to maximize the expected utility of his terminal real wealth in an incomplete financial market. The investor must cope with a set of stochastic investment opportunities and inflation risk following a jump-diffusion process. We...

In this paper, we take into account a very general setting with : (i) a set of stochastic investment opportunities, (ii) a set of risky assets, (iii) a riskless asset paying a stochastic interest rate, (iv) a stochastic inflation risk, (v) stochastic labor income , and (vi) HARA preferences. We...

In this paper we critique the famous separation theorem (or mutual fund theorem). We show that, if a portfolio contains stocks and bonds, then bonds generate a dependence of optimal portfolio composition on the investors’ temporal horizon. This dependence makes the theorem inapplicable if all...

In several OECD countries age-targeted wage subsidies have been introduced to increase the employment of older workers, but evidence on their effectiveness is scarce. This paper examines the effects of a permanent wage cost subsidy in Belgium on the employment rate, working time and hourly wage....

On the basis of a longitudinal administrative dataset (1991-2002) merged with the Census of 2001 and the National Register, the majority of the poor elderly in Belgium appear to be persistently poor. The question arises why this might be so. To the extent that individual characteristics such as...

Les travailleurs bénéficient de performances différentes sur le marché du travail en fonction de leur âge : le taux d'emploi exhibe une trajectoire en cloche en fonction de l'âge, tandis que le taux de chômage est continuellement décroissant. Au cours des dernières décennies, le taux...

This paper shows that differences in fertility across European countries mainly emerge in the transition from the first to the second child and that childcare services enabling women to work are an important determinant for this transition to occur. The theoretical framework proposed accounts...