taken into account. Comparisons of Engel curves are also made to households in Great Britain and Germany. Results from …

subsidies on retirement, savings and housing choices in the two countries. Germany faces a particularly pronounced aging process … percent at its peak in 2030. In this respect, changes that are occurring in Germany now may be regarded as indicative for … changes to come in the United States. Retirement, savings and housing behavior differ quite markedly between Germany and the …

instrument and target variables. The time spans examined are 1962-1998 for the U.S. and U.K., and 1972-1998 for Japan. In …

both Japan and the U.S., innovations in stock prices that are contemporaneously orthogonal to TFP precede most of the long …

empirical characterization of price and wage changes over the last century in the U.S., U.K., and Japan, in order to demonstrate … phenomenon rather than the universal fact implied by Okun. The results for the U.K. and Japan com- pound the conflict with Okun … particularly flexible in the U.S. during World War I and its aftermath, in Japan since 1914, and in the U.K. since the mid-1950s …

to be cointegrated. In Japan, but not in the U.S., there is a secular decline in the inventory-sales ratio …