Central banks create money to lend during credit crunches, which might lead to inflation. We examine whether the two key functions of central banks - price stability and last-resort lending - conflict. We develop a nominal model of bank runs à la Diamond and Dybvig (1983) in which individuals...

Although population aging requires that employees increasingly work beyond traditional retirement ages, negative age stereotypes often portray older workers as unwilling or unable to work longer. However, recent lifespan developmental research suggests that there are significant individual...

Anticipating one's future self is a unique human capacity that contributes importantly to adaptation and health throughout adulthood and old age. Using the adult lifespan sample of the national German Socio-Economic Panel (SOEP; N 10,000, age range 18-96 years), we investigated age-differential...