This study uses Fehr, Jokisch, and Kotlikoffs̕ (2004a) dynamic general equilibrium model to analyze the effects of changes in fertility and mortality on the developed worlds̕ demographic transition. The model features three regions the U.S., Japan, and the EU-15 and incorporates age- and...

The belief that the ECB follows the US Federal Reserve in setting its policy is so entrenched with market participants and commentators that the search for empirical support would seem to be a trivial task. However, this is not the case. We find that the ECB is indeed often influenced by the...