The current demographic developments and their consequences for workforce ageing challenge the sustainability of intergenerational transfers and economic growth. A shrinking share of the young workforce will have to support a growing share of elderly, non-working people. Therefore, the...

Current demographic developments are expected to challenge the sustainability of welfare in industrialised economies. Persistent low fertility levels and increasing survival rates to older age imply a decreasing share of younger individuals within the labour force that needs to support an...

The classical theory about foreign exchange rate explains its fluctuations as the resulting of a random walk motion. In this paper, such a theory is put into question by performing Brock, Dechert and Scheinkman's (1987) test on the Austrian Schilling - US Dollars exchange rate for the period...

We analyse the dynamics of the standard deviation of demand shocks and of the demand component of GDP across countries in the European Monetary Union (EMU). This analysis allows us to evaluate the patterns of cyclical comovement in EMU and put them in contrast to the cyclical performance of the...

This paper develops a simple model that analyses the relationship between a country's oil endowment and the duration of its autocratic leader. The dictator uses the rents from oil extraction for both personal gain and to pay-off potential opposition and chooses an optimal level of oil...

Martin Ravallion ("Why Don't We See Poverty Convergence?" American Economic Review, 102(1): 504-23; 2012) presents evidence against the existence of poverty convergence in aggregate data despite the conditional convergence of per capita income levels and the close linkage between growth and...

Using information from the Amadeus dataset and the Business Environment and Enterprise Performance Survey, we provide an empirical investigation of the industry and firm-specific determinants of the intensive margin (i.e., within existing firms) job creation process in eleven Central and Eastern...

We revisit the influential economic growth model by Lucas (1988) ["On the mechanics of economic development." Journal of Monetary Economics, 22(1):3-42], assuming that households optimally allocate consumption and education over the life-cycle given an exogenous interest rate and exogenous...

We use new migration modelling and projection techniques in order to quantify the effect of migration in the context of ageing societies in Europe over the forthcoming decades. Using new empirical results, data and projections of migration flows developed in the framework of the WWWforEUROPE...

The persistence of socioeconomic outcomes across generations acts as a barrier to a society’s ability to exploit its resources efficiently. In order to derive policy measures which aim at accelerating intergenerational mobility, we review the existent body of research on the causes, effects...