This paper analyses the e¤ects of reducing unfunded social security and population ageing on economic growth and welfare, both for a small open economy and for a closed economy. The economy consists of a service sector and a commodity sector. Productivity growth only occurs in the latter sector and is assumed to depend positively on its size. It is shown that if old agents mainly demand labour ...

Acyl carrier protein (ACP) is a small acidic protein and its primary structure is highly conserved in various bacterial sources. Despite its small size, it interacts with diverse proteins associated with many biosynthetic pathways. The three-dimensional structure of H. pylori ACP and its structural characteristics were clarified using NMR and CD spectroscopy. H. pylori ACP consists of four heli...

A windfall of natural resource revenue (or foreign aid) faces government with choices of how to manage public debt, investment, and the distribution of funds for consumption, particularly if the windfall is both anticipated and temporary. We show that the permanent income hypothesis prescription of an ever-lasting increase in consumption financed by borrowing ahead of the windfall and then accu...

Recent research has explored the distributive consequences of major historical epidemics, and current crisis triggered by COVID-19 prompts us to look at past for insights about how pandemics can affect inequalities in income, wealth, health. The fourteenth-century Black Death, which is usually believed have led a significant reduction economic inequality, attracted greatest attention. However, ...

Abstract. The problem of legal regulation the financial and economic security at all levels Ukraine’s economy is extremely important. In our opinion, most complicated in system problematic issue limits state intervention economy. Theoretical basis. It necessary to avoid potential detrimental influence on processes, achieve a reasonable combination public administration concurrently with autonom...

We study a dynamic version of Meltzer and Richard’s median-voter model where agents differ in initial wealth. Taxes are proportional to total income, and they are redistributed as equal lumpsum transfers. Voting takes place every period and each consumer votes for the current tax rate that maximizes his or her welfare. We characterize time-consistent (differentiable) Markovperfect equilibria in...

Cells expressing doublecortin (DCX+) occur at cortical layer II, predominantly over the paleocortex in mice/rats, but also across the neocortex among larger mammals. Here, we explored the time of origin of these cells in neonatal and 2-month-old guinea pigs following prenatal BrdU pulse-chasing. In the neocortex, BrdU+ cells birth-dated at embryonic day 21 (E21), E28, and E35 laminated over the...

Persson and Tabellini (2003) show that presidential regimes and majoritarian election systems have important effects on fiscal policy, government effectiveness and productivity. Here, their dataset is extended in a number of ways: the number of countries included is increased from 85 to up to 116, and more recent data for both government effectiveness and productivity are used. In replicating a...

How does the magnitude of the output response to a change in government spending vary over the business cycle? What are the welfare effects of fiscal shocks? This paper studies the state-dependence of the output and welfare effects of shocks to government purchases in a DSGE model with a number of real and nominal frictions and a rich fiscal financing structure. Both the output multiplier (the ...

We investigate the effects of fiscal policy surprises for US data, using vector autoregressions. We overcome the difficulties that changes in fiscal policy may manifest themselves in variables other than fiscal variables first and that fiscal variables may respond ”automatically” to business cycle conditions. We do so by using sign restrictions on the impulse responses as method of identificati...