Squaring hourly demand and wind-solar production data for Germany and a number of neighbouring countries with the results of the EU's ESTORAGE project, this paper studies the limits of Germany's energy revolution in view of the volatility of wind and solar power. In addition to pumped storage,...

It is shown that the net fiscal externality created by an additional member of a pay-as-you-go pension system that is endowed with individual accounts equals the gross contributions" of this member. In Germany, this is an amount of about DM 175,000. The paper uses this" information to design a...

The paper discusses the options for a reform of the German pension system using a model developed at CES for the German Council of economic advisors to the Federal Ministry of Economics and Research. It is argued that the German pay-as-you-go-system is efficient in a present value sense but will...