http://repub.eur.nl/res/aut/6415/ List of Publications en http://repub.eur.nl/static-eur/img/logo.png http://repub.eur.nl http://repub.eur.nl/res/pub/10898/ 2006-12-01T00:00:00Z In this paper we study the implications of population ageing in an economy with a sizeable non-traded goods sector. To this effect a highly stylized micro-founded macro model is constructed in which the age structure of the population plays a non-trivial role. The model distinguishes separate birth and death probabilities (thus allowing for net population change), allows for age-dependent labour productivity (thus mimicing life-cycle saving), and includes a rudimentary pension system (thus allowing for intergenerational redistribution). The model is used to analytically study demographic and pension shocks. http://repub.eur.nl/res/pub/6597/ 2004-04-01T00:00:00Z In this paper we study the implications of population ageing in an economy with a sizeable non-traded goods sector. To this effect a highly stylized micro-founded macro model is constructed in which the age structure of the population plays a non-trivial role. The model distinguishes separate birth and death probabilities (thus allowing for net population change), allows for age-dependent labour productivity (thus mimicing life-cycle saving), and includes a rudimentary pension system (thus allowing for intergenerational redistribution). The model is used to analytically study demographic and pension shocks. http://repub.eur.nl/res/pub/833/ 2003-09-05T00:00:00Z A dynamic overlapping-generations model of a semi-small open economy with monopolistic competition in the goods market is constructed. A tariff increase reduces real output and employment and improves the terms of trade, both in the impact period and in the new steady state. The tariff shock has significant intergenerational distribution effects which are different for creditor and debtor nations. Bond policy neutralizes the intergenerational inequities and allows the computation of first-best and second-best optimal tariff rates. The first-best tariff exploits national market power, but the second-best tariff contains a correction to account for the existence of a potentially suboptimal product subsidy. http://repub.eur.nl/res/pub/10902/ 2003-01-01T00:00:00Z Avinash Dixit and Joseph Stiglitz revolutionized the modelling of imperfectly competitive markets and launched "the second monopolistic competition revolution". Experts in the areas of macroeconomics, international trade theory, economic geography, and international growth theory examine the success of the second revolution in this collection of papers. They reveal what appears to be "missing" and look forward to the next step in the modelling of imperfectly competitive markets. The text includes a comprehensive survey of the two monopolistic competition revolutions, and previously unpublished working papers by Dixit and Stiglitz that led to their famous 1977 paper. Contributors: Steven Brakman, Ben J. Heijdra, Joseph E. Stiglitz, Avinash K. Dixit, Wilfred J. Ethier, J. Peter Neary, Joseph Francois, Douglas Nelson, Richard E. Baldwin, Rikard Forslid, Philippe Martin, Gianmarco I. P. Ottaviano, Frederic Robert-Nicoud, Jolanda J. W. Peeters, Harry Garretsen, Charles van Marrewijk, Marc Schramm, J. Vernon Henderson, Sjak Smulders, Theo van de Klundert, Henri L. F. de Groot, Marjan W. Hofkes, Peter Mulder, Russell W. Cooper, Jan Boone, Christian Keuschnigg, Leon J. H. Bettendorf. http://repub.eur.nl/res/pub/10923/ 2001-01-01T00:00:00Z A dynamic overlapping-generations model of a semi-small open economy with monopolistic competition in the goods market is constructed. A tariff increase reduces real output and employment and improves the terms of trade, both in the impact period and in the new steady state. The tariff shock has significant intergenerational distribution effects which are different for creditor and debtor nations. Bond policy neutralizes the intergenerational inequities and allows the computation of first-best and second-best optimal tariff rates. The first-best tariff exploits national market power, but the second- best tariff contains a correction to account for the existence of a potentially suboptimal product subsidy. http://repub.eur.nl/res/pub/10941/ 2001-01-01T00:00:00Z A dynamic overlapping-generations model of a small open economy with monopolistic competition in the goods market is constructed. Lump-sum tax-financed product subsidization boosts output and employment both in the impact period and in the new steady state. The real exchange rate depreciates in the long run but the impact effect is ambiguous. If the labour supply effect is weak and the economy is not very open, the exchange rate appreciates at impact. The policy has important intergenerational distribution effects. Old existing generations gain more than younger existing generations as well as future generations. The bond policy which neutralizes the intergenerational inequities allows the computation of an optimal product subsidy which depends positively on the extent of the domestic scale economies and negatively on the degree of openness of the economy.