This paper examines the impacts on welfare, savings, labor supply, and the government budget of several possible reforms of the Polish pension and unemployment benefit systems. The framework of analysis is a life cycle simulation model of household consumption, labor supply and retirement...

By exploiting basic similarities between the theories of portfolio choice and consumption, this paper specifies and estimates a complete system of asset and liability demands on U.K. data over the period 1976-85. The main implication of the results is that inflation is highly significant to...