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Working Papers


George Kudrna and Chung Tran

In this study, we quantify the macroeconomic and welfare effects of alternative fiscal consolidation plans in the context of a small open economy.

Healthy elderly couple

Rafal Chomik

There is a growing recognition that social security systems with a wide scope and comprehensive coverage are an essential part of sustainable development and an ambition worth pursuing vigorously. 

Elderly friends

Jennifer Alonso-Garcia, Maria del Carmen Boado-Penas and Pierre Devolder

There are three main challenges facing public pension systems.


Jennifer Alonso-García and Beatriz Rosado-Cebrián

The recent global financial crisis has intensified the public debate on the sustainability of pay-as-you-go pension schemes.


Peter McDonald

Migration is one of the three demographic processes that contribute to changes in the size of a population, the other two being fertility and mortality.

Colleagues collaborating

Ermanno Pitacco

This paper provides some introductory remarks to critical biometric aspects underlying risk identification and risk assessment for life annuity portfolios and pension funds.

Women discussing financial data

Juergen Jung, Chung Tran and Matthew Chambers

We quantify the effects of population aging on the US healthcare system. Our analysis is based on a stochastic general equilibrium overlapping generations model of endogenous health accumulation calibrated to match pre-2010 U.S. data.

Man accessing data on his laptop

Shang Wu, Hazel Bateman and Ralph Stevens

Whereas there is ample evidence that life-contingent income products (life annuities) have the potential to improve individual welfare, combining them with health-contingent income products (resulting in so-called life care annuities) would serve to further increase welfare for individuals who are exposed to uncertain out-of-pocket healthcare expenditure later in life.

Financial growth

Monisankar Bishnu, Cagri S. Kumru and Arm Nakornthab

In this paper we derive the expression for optimal inheritance tax when agents' preferences are subject to temptation and self control problem.