This study compares the expected retirement replacement rates of several cohorts of Dutch employees at the time of their planned retirement with the 'actual' replacement rates based on available pension records. We find that using reasonable indexation rates, the expected replacement...

This paper investigates the question whether crime reduces investment in human capital or whether education reduces criminal activity by using fixed effect estimation on data of Australian twins. The study takes genetic and socio-economic factors shared by the twins into account. We find that...

Over the course of the past few years, too much credit has been made available worldwide, due to financial innovation, overly optimistic expectations and loophole-ridden regulation. Regulatory supervisors have failed because they were unable to prevent this situation. Things took a bad turn...

This paper has two aims. First, it describes CPB's contribution on bilateral services trade data to version 7 of the GTAP database. Among others, it uses reliability indices to determine the quality of the data reported by exporting and importing countries. Second, this paper discusses briefly...

This memorandum presents some basic equalities and inequalities about rates of return in discrete time, without auto-correlation. The arithmetic and geometric means are discussed. Estimation of the expected payout and the median payout is discussed, including maximum likelihood estimation.

Innovation is a policy area in which the European Union (EU) has the competence to support, coordinate and supplement Member States policies according to the new Lisbon Treaty (2007). The Member States (MS) have the primacy in this area and the principles of subsidiarity and proportionality...

To answer policy questions that have intergenerational implications, a computable simulation model should obey four conditions, it should: incorporate long-term demographic developments; include a detailed modelling of the public sector; decompose the population into several generations; account...

This document provides a review of recent theoretical and empirical literature on the relationship between entry, exit and productivity. Decomposition methods show that entry and exit considerably contribute to productivity growth, but are unable to shed any light on the ultimate sources of...

This paper presents some suggestions for the specification of dynamic models. These suggestions are based on the supposed continuous-time nature of most economic processes. In particular, the partial adjustment model -or Koyck lag model- is discussed. The refinement of this model is derived...

From 1995 onward the financing scheme for specialist care in the Netherlands has moved from a fee-for-service scheme to a lump-sum budget scheme. This paper analyses the economic and welfare effects of this policy change. The paper adopts a model that integrates demand and supply considerations...