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Population Ageing and Pension Reform in a Small Open Economy with Non-Traded Goods
Bettendorf, Leon; Heijdra, Ben - Tinbergen Institute - 2005
In this paper we study the implications of population ageing in an economy with a sizeable non-traded goods sector. To this effect a highly stylized micro-founded macro model is constructed in which the age structure of the population plays a non-trivial role. The model distinguishes separate...
Persistent link: https://www.econbiz.de/10005144537
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Population Ageing and Pension Reform in a Small Open Economy with Non-Traded Goods
Bettendorf, Leon; Heijdra, Ben - Tinbergen Instituut - 2005
In this paper we study the implications of population ageing in an economy with a sizeable non-traded goods sector. To this effect a highly stylized micro-founded macro model is constructed in which the age structure of the population plays a non-trivial role. The model distinguishes separate...
Persistent link: https://www.econbiz.de/10011257545
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Pensions, Debt and Inflation Risk in a Monetary Union
Adema, Yvonne - Tinbergen Institute - 2010
This paper investigates the international spillovers of government debt and the associated risk of inflation within a … inflation at the cost of the funded country. In response to these conflicting interests about inflation, inflation risk may rise … with the level of debt in the PAYG country. Higher inflation risk harms both countries. Actually, in contrast to the debt …
Persistent link: https://www.econbiz.de/10008838553
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Pensions, Debt and Inflation Risk in a Monetary Union
Adema, Yvonne - Tinbergen Instituut - 2010
This paper investigates the international spillovers of government debt and the associated risk of inflation within a … inflation at the cost of the funded country. In response to these conflicting interests about inflation, inflation risk may rise … with the level of debt in the PAYG country. Higher inflation risk harms both countries. Actually, in contrast to the debt …
Persistent link: https://www.econbiz.de/10011257504
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Risk and Savings: a Taxonomy
Gunning, Jan Willem - Tinbergen Instituut - 2008
Risk may induce precautionary saving but it can also reduce saving. The theoretical literature recognizes both possibilities, but favors a positive effect (both for developed and developing countries); the empirical literature is divided, reporting (small) positive effects for developed...
Persistent link: https://www.econbiz.de/10011256937
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Complete and Incomplete Markets with Short-Sale Constraints
Giménez, Eduardo L. - Tinbergen Institute - 2001
This paper argues that the introduction of a short-sale constraint in the Arrow-Radner framework invalidates standard definitions of complete and incomplete markets. In this constrained set-up, two threshold values with familiar properties arise.<BR> The case of a zero short-sale bound set on some...
Persistent link: https://www.econbiz.de/10005137116
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Complete and Incomplete Markets with Short-Sale Constraints
Giménez, Eduardo L. - Tinbergen Instituut - 2001
This paper argues that the introduction of a short-sale constraint in the Arrow-Radner frameworkinvalidates standard definitions of complete and incomplete markets. In this constrained set-up,two threshold values with familiar properties arise.The case of a zero short-sale bound set on some...
Persistent link: https://www.econbiz.de/10011256992
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Cooperation in an Overlapping Generations Experiment
Offerman, Theo; Potters, Jan; Verbon, Harry A.A. - Tinbergen Institute - 1999
Recent theoretical work shows that folk theorems can be developed for infinite overlapping generations games. Cooperation in such games can be sustained as a Nash equilibrium. Besides the efficient cooperative equilibrium there is also the inefficient non-cooperative equilibrium. This paper...
Persistent link: https://www.econbiz.de/10005144485
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Cooperation in an Overlapping Generations Experiment
Offerman, Theo; Verbon, Jan PottersHarry A.A.; Verbon, … - Tinbergen Instituut - 1999
Recent theoretical work shows that folk theorems can be developed for infiniteoverlapping generations games. Cooperation in such games can be sustained as aNash equilibrium. Besides the efficient cooperative equilibrium there is alsothe inefficient non-cooperative equilibrium. This paper...
Persistent link: https://www.econbiz.de/10011257625
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Have Euro Area Government Bond Risk Premia Converged To Their Common State?
Pozzi, Lorenzo; Wolswijk, Guido - Tinbergen Instituut - 2008
10 year government bond spreads of Belgium, France, Italy, and the Netherlands versus Germany over the period 1991 … euro implying that the efficiency of the euro area government bond markets under consideration has increased. Full …
Persistent link: https://www.econbiz.de/10011256144