shock are discussed. Special attention is paid to the welfare effects for the different generations residing in either …

In emerging market economies (EMEs), capital inflows are associated to productivity booms. However, the experience of … lead to lower productivity, possibly because of entry of less productive firms. We measure capital flow shocks as exogenous … variations in world real interest rates. We show that, in the data, lower real interest rates lead to lower productivity only in …

on the economy is mitigated when compared to a two-pillar system, since each shock has a different impact on the three …

I study the implications of productivity shocks in a model where agents observe the aggregate level of productivity but … shock is sluggish and peaks with delay; (ii) permanent shocks generate positive rather than negative savings on impact; and …