, necessary adjustments of pay-as-you-go pension systems to an ageing society affect aggregate savings. Taking Germany as an … data projections for OECD countries. It shows that demographic change in Germany is an important determinant of the current …

pensionreforms led to an increase in the household savings rate in Germany until about2010. As domestic investment opportunities …. After 2010, private savings remained rather stable, but opportunities to investin Germany declined further. Our simulations …

In a three-region New Keynesian life-cycle model calibrated to Germany, the Euro area (without Germany) and the rest of … unsynchronized demographic trends by taking those of Germany as given and assuming constant population everywhere else, we are able …

. We apply it to study optimal party structure and the decision of how (de)centralized candidate recruitment should be …. Parties are non-unitary actors and compete at the local markets over recruitment of competent candidates and local organizers … authoritarian and persistently "bad" leadership. Our model can be applied to other labor recruitment settings. …