In this application of an overlapping generations model the effects of a pay-as-you-go retirement scheme on the optimal savings rate, magnitude and stability of the equilibrium capital per capita level are established through the assumptions of explicit, well-behaved utility and production...

Traditional exchange rate models fail to explain stylized facts such as the high volatility or high trading volumes in an adequate way. Contemporary research has therefore increasingly turned to model the foreign exchange market in a more realistic setting, highlighting for instance the high...