The cohort sustainability of welfare regimes is of central importance to most long-term analyses of welfare state reforms (see for example: Esping-Andersen et al., 2002). A complement to these analyses shows that changes in intra versus inter cohort inequalities are major outcomes or...

This paper examines variation in old-age income inequality between industrialized nations with modern welfare systems. The analysis of income inequality across countries with different retirement income systems provides a perspective on public pension policy choices and designs and their...

This paper investigates the intraday effects of unannounced foreign exchange intervention on bid-ask exchange rate spreads using official intraday intervention data provided by the Danish central bank. Our starting point is a simple theoretical model of the bid-ask spread which we use to...

This paper is the first to analyze intergenerational economic mobility based on sibling correlations in permanent earnings in Germany and to provide a cross-country comparison of Germany, Denmark, and the US. The main findings are as follows: the importance of family and community background in...

Dänemark ist seit einem Jahrzehnt eines der wirtschaftlich erfolgreichsten Industrieländer in Europa. Bei vergleichsweise hohem Wirtschaftswachstum erreichte das Land in den letzten Jahren fast Vollbeschäftigung. Ausgesprochen positiv entwickelten sich die öffentlichen Finanzen. Die...

Um den Rückgang des Erwerbspersonenpotentials aufgrund unzureichender Geburtenraten in nahezu allen Ländern der Europäischen Union abzubremsen, sind Zuwanderungen unverzichtbar. Anfang dieses Jahres hat die EU-Kommission ein ,,Grünbuch" vorgelegt, das auf eine stärkere Vereinheitlichung der...

Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much research has focused on understanding this integration process and what benefits and costs it entails. This paper identifies a political economy channel of EMU as the monetary union...

This paper presents estimates based on individual data of downward nominal and real wage rigidities for thirteen sectors in Belgium, Denmark, Spain and Portugal. Our methodology follows the approach recently developed for the International Wage Flexibility Project, whereby resistance to nominal...

With the liberalisation of the European electricity market, new instruments are searched for in order to co-ordinate climate change initiatives with competition. This paper analyses the potential of a system of green electricity certificates to regulate the introduction of renewable energy...

The paper models the combined use of taxation and voluntary agreements when there is asymmetric information between the regulator and industry on the firms' actual emissions. The model incorporates the following features: 1) the regulator does not know the firm's special production...