This paper explores the consequences of pension reforms in Western Europe in a world economy setting. Whereas various economic and social consequences of population ageing have been investigated in OECD countries, very few analyses have explicitly taken the worldwide aspect of the problem into...

The development and use of forward-looking macro models in policymaking institutions has proceeded at a pace much slower than predicted in the early 1980s. An important reason is that researchers have not had access to robust and efficient solution techniques for solving nonlinear...

This is the third of a series of papers that are being written as part of a larger project to estimate a small quarterly Global Projection Model (GPM). The GPM project is designed to improve the toolkit for studying both own-country and cross-country linkages. In this paper, we estimate a small...