In this paper, a time series of UK annuity income rates (AR) based on historical interest rates but modern mortality rates (hence the term “semi-historical”) has been derived for both nominal and inflation-linked annuities. The errors associated with the calculated rates for nominal...

In this paper we analyse the importance of precautionary saving in Italy. In contrast to previous studies, we focus on two contemporaneous sources of uncertainty, income and health expenditures, to explain the presence of precautionary saving. The major changes occurred in public health care...

This paper revisits the Kareken-Wallace model of exchange rate formation in a two-country overlapping generations world. Following the seminal paper by Arifovic (Journal of Political Economy, 104, 1996, 510-541) we investigate a dynamic version of the model in which agents' decision rules are...