Learn More
The purpose of this article is to identify the role of population size, population growth and population ageing in models of endogenous economic growth. While in exogenous growth models demographic variables are linked to economic prosperity mainly via the population size, the structure of the workforce, and the capital intensity of workers, endogenous(More)
It is widely argued that declining fertility slows the pace of economic growth in industrialized countries through its negative effect on labor supply. There are, however, theoretical arguments suggesting that the effect of falling fertility on effective labor supply can be offset by associated behavioral changes. We formalize these arguments by setting(More)
The individual Euler equation: The current value Hamiltonian is H = log(c) + γ log(β) + λ [(r + µ − δ)k + ˆ w − (1 + ψβ)c]. The first order conditions are 1 c = λ(1 + ψβ) (A.1) γ β = λψc (A.2) ˙ λ = (ρ + δ − r)λ. (A.3) From equation (A.2) the birth rate follows as β = γ (1 − γ)ψ. (A.4) Taking the time derivative of equation (A.1) and plugging it into(More)
We study the effects of labor intensive health care within a research and development (R&D) driven growth model with overlapping generations. Health care increases longevity, labor participation, and productivity, while it also diverts labor away from production and R&D. We examine under which conditions expanding health care enhances growth and welfare and(More)
The selected abstracts below alert readers to studies on CESEE topics in other OeNB publications. You may find the full-length contributions at www.oenb.at. This paper presents the methodology, scenarios and results of the stress tests conducted for the update of Austria's Financial Sector Assessment Program (FSAP) in 2007. The focus of the paper lies in(More)
This article investigates the effects and transmission channels of shocks between two asymmetric neighboring countries. In particular, we investigate Austria and Ger-many which are highly integrated due to their common language and common membership of the European Monetary Union. Generalized impulse response functions reveal that there are large and(More)