Die langfristige Arbeitsmarktentwicklung der meisten westeuropäischen Staaten ist durch einen seit den 1970er Jahren andauernden Trend zu wachsenden Arbeitslosenquoten gekennzeichnet. Im Hinblick auf die theoretische Erklärung dauerhaft nicht geräumter Arbeitsmärkte kommt der...

We incorporate a wage bargaining structure in a dynamic general equilibrium model and show how this feature changes short and long-run properties of equilibria compared with a perfectly competitive setting. We discuss how employment, capital, and income shares respond to wage setting shocks and...

Using an overlapping generations model, this paper describes interactions between nai͏̈ve and sophisticated hyperbolic discounters in general equilibrium. The nai͏̈fs, who overestimate their future propensity to save and hence over-forecast the future equilibrium asset prices, are exploited...

We analyze the interaction between risk sharing and capital accumulation in a stochastic OLG model with production. We give a complete characterization of interim Pareto optimality. Our characterization also subsumes equilibria with a PAYG social security system. In a competitive equilibrium...