pensionreforms led to an increase in the household savings rate in Germany until about2010. As domestic investment opportunities … could not absorb these additional sav-ings, they were partly invested abroad. The German current account-to-GDP ratiorose …. After 2010, private savings remained rather stable, but opportunities to investin Germany declined further. Our simulations …

We analyze the long-run growth effects of automation in the canonical overlapping generations framework. While … that it does not have the potential to lead to positive long-growth. The reason is that automation suppresses wages, which … are the only source of investment because of the demographic structure of the overlapping generations model. This result …

model, starting from the Balassa-Samuelson two-sector framework, but modify and enlarge it with forward-looking investment …

average higher volatility of output growth (1) accumulated higher external assets in the long-run and (2) experienced more … procyclical capital outflows over the business cycle than those countries with a same growth rate but a more stable output path …. To explain this finding we provide a theoretical mechanism within a stochastic real business cycle growth model in which …

-sectional heterogeneity to establish a direct link between labor market reforms and changes in net foreign assets via a precautionary savings …

This paper deals with the debt-growth relationship using several time-series tools. The idea is to find out whether the …

Euro Area affected GDP growth during the global financial crisis. Our analysis suggests that spillovers of fiscal policy …-on-quarter GDP growth substantially, both in Germany and in the rest of the Euro Area. The main drivers of GDP growth in Europe …

, consumption, investment and (un)employment, the reforms were a clear success albeit the impact on the German current account was …. Further simulations highlight the importance of increased savings preferences in Germany to explain the latter. …