Graham, Liam; Snower, Dennis J. - Forschungsinstitut zur Zukunft der Arbeit <Bonn> - 2008
others. Blanchard and Fisher (1989) wrote: �Most economists who came
to accept the view that there was no long-run trade …
the U.S. and the E.U.
Our analysis contributes to a larger theoretical literature rationalizing a long-
run tradeo … each agent�s path
of income falls across the contract period, agents in di�erent cohorts trade bonds
to smooth consumption …