Higher life expectancy and feminization of work have changed the life course. These developments require changes in the way society organizes work and accumulates and maintains human capital over the life cycle. This paper describes various reforms aimed at preventing Europe from becoming a...

Pension schemes increasingly are stand alone, in the sense that they lack a risk-absorbing sponsor in the form of the government or corporations. This paper describes various principles for how stand-alone pension schemes should optimally share risks among participants and trade risks on capital...

This paper examines how alternative capital mobility assumptions affect the inci dence and efficiency of corporate income taxation. It uses a two-sect or intertemporal equilibrium model in which imperfectly elastic inves tment captures the notion of imperfectly mobile capital. If investmen t is...