Public social security systems may provide diversification of risks to individuals’ life-time income. Capturing that a pay-as-you-go program (paygo) may be considered as a “quasiasset”, we study the optimal size of the ...

Med utgangspunkt i en erkjennelse av at fluktuasjoner i oljeprisen skaper betydelige realøkonomiske problemer for Norge, diskuterer denne rapporten hvordan finansielle instrumenter kan benyttes for å sikre de løpende ...

We suggest a probabilistic voting model where voters’ preferences for alternative public goods display habit formation. Current policies determine habit levels and in turn the future preferences of the voters. This allows ...

While evidence of smooth international interest rate arbitrage suggests that financial centers in various industrial countries are well integrated, it is still not clear whether investment and consumption patterns as well ...