A switch from a Bismarckian (BIS) earnings-related to a Beveridgean (BRV) flat rate pay-as-you-go (PAYG) pension scheme will raise the variance of personal replacement ratios and, hence, the variance of individual interest-saving elasticities. A monopolistic financial sector can then make...

It is increasingly recognized that labor markets are pervasively imperfectly competitive, that there are rents to the employment relationship for both worker and employer. This chapter considers why it is sensible to think of labor market as imperfectly competitive, reviews estimates on the size...

We suggest a novel perspective on the relationship between the stringency of environmental policies and foreign direct investment (FDI). We develop a political economy model with imperfect product market competition where local and foreign firms jointly lobby the local government for a favorable...

This book offers a novel perspective that allows to incorporate changing consumption and production structure into models of economic growth. Starting from the empirical observation that income and consumption structure are closely related, it develops a tractable theoretical framework which...