The book gives an overview of the implications of population ageing for economic development in general and financial systems in particular. It describes several challenges which the ageing process poses for central banks, giving special consideration to the situation in Europe. The first two...

Prevalent thinking about liquidity traps suggests that the perfect substitutability of money and bonds at a zero short-term nominal interest rate renders open-market operations ineffective for achieving macroeconomic stabilization goals. In an earlier paper, we showed that this reasoning does...