This paper looks at the evolution of consumption theory over time and critically examines the widely accepted permanent income / life cycle hypotheses concerning consumer behaviour in terms of the empirical evidence. Attention is also devoted to the role of time horizon, time preference and...

The present paper looks at the notion of a NAIRU and asks whether it continues to stand up to rigorous analysis in terms of both its theoretical underpinnings or of its empirical applicability. The paper addresses the essential questions in relation to an examination of the NAIRU, namely:...

In 1968 Friedman put forward the notion of a “natural†rate of unemployment to encapsulate the idea that a “normal†level of unemployment, roughly equivalent to the amount of frictional and structural unemployment, persists even when the labour market is in equilibrium. Since...

This paper examines the economic implications of ageing populations. Simulations with the QUEST II model, which take explicit account of the labour force and public finance implications of ageing, suggest per capita living standards in the EU, US and Japan are likely to fall significantly over...

This paper on European Union (EU) pension reform provides an overview of the debate and, on the basis of a series of model simulations, makes an empirical assessment of the main pension policy reform options at the EU, not the Member State, level. It estimates what it would take to bring the...

The structural nature of the EU's productivity downturn is confirmed by the analysis in this paper, with the bulk of the deterioration emanating from an outdated and inflexible industrial structure which has been slow to adapt to the intensifying pressures of globalisation and rapid...

This paper looks at the notion of a NAIRU (non-accelerating inflation rateof unemployment) and asks whether it continues to stand up to rigorous analysis in terms of both its theoretical underpinnings or of its empirical applicability.

Life expectancy, fertility rates and migration flows are the key determining factors underlying all population projections. The share of elderly people in the overall population is presently of the order of 15 percent in the EC, US, and Japan. This paper examines the economic implications of...

The present communication intends to provide a comprehensive assessment of the impact of the changeover to the Euro at the Community level andthe resulting affect on Member States. It reflects the outcome of preparatory work within the Commission , involving each of its services, and of contacts...

These texts are an addendum to the texts originally published as Europaper No 7 "Compilation of community legislation and related documents", and should be read in conjunction with that work. A definitive version of the compilation will be published later in the year.