This paper evaluates four retirement income policies that could be adopted in response to increasing longevity in terms of their marginal effects on economic performance, equity, and risk. Compared to three alternative save-as-you-go funded retirement income policies (voluntary saving, a...

This paper examines the uncovered interest parity hypothesis using the dollar-sterling exchange rate during the gold standard era. This period is interesting because the exchange rate was seasonal, because transactions costs were high, and because occasions when uncovered interest rate...

This paper examines the relative size of the effects of macroeconomic news on the spot exchange rate, and interest rate differentials (2- and 5-year swap rate differentials), and the synthetic forward exchange rate schedule, for the high-frequency New Zealand data. We find that the spot exchange...

type="main" xml:id="ecor12080-abs-0001" <p>This article examines how increasing longevity affects the housing choices of working age and retired people using a heterogeneous agent overlapping generations model that incorporates owner-occupier and rental sectors, credit constraints, detailed tax...</p>

This paper argues that localized price spikes should be a regular feature of competitive commodity markets. It develops a rational expectations model of physical arbitrage in which trade takes time, and shows that inventory management plays a crucial role in the way regional prices are...

Land taxes are known to be amongst the most efficient forms of taxation, as land is an immobile factor; property (capital value) taxes are less efficient owing to the tax on improvements. However there is little international (or New Zealand) evidence regarding the distributional impacts of land...

This paper develops a model of the housing market to examine the long-term consequences of different types of capital gains taxes. The model, which uses an overlapping generations framework to model the housing demands of agents who differ by age, income, and wealth, incorporates rental and...