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Ageing, Financial Markets and Monetary Policy

  • Conference proceedings
  • © 2002

Overview

Editors:
  1. Alan J. Auerbach

    1. Department of Economics, University of California, Berkeley, USA

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  2. Heinz Herrmann

    1. Deutsche Bundesbank, Frankfurt am Main, Germany

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  • Compendium of contributions from leading economists in the field of ageing and monetary economics

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Table of contents (26 papers)

  1. Front Matter

    Pages I-VII
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  2. Ageing, financial markets and monetary policy — a summary

    1. Ageing, financial markets and monetary policy — a summary

      • Alan Auerbach, Heinz Herrmann
      Pages 1-7

  3. Chapter 1

    1. Ageing and Saving in Europe

      • Agar Brugiavini
      Pages 9-48

    2. Discussion

      • Reinhold Schnabel
      Pages 49-53

  4. Chapter 2

    1. Ageing and International Capital Flows

      • Axel Börsch-Supan, Alexander Ludwig, Joachim Winter
      Pages 55-83

    2. Discussion

      • Gary Hufbauer
      Pages 84-89

    3. Discussion

      • Ulrich Grosch
      Pages 90-95

  5. Chapter 3

    1. Developments in Decumulation: The Role of Annuity Products in Financing Retirement

      • Olivia S. Mitchell
      Pages 97-125

    2. Discussion

      • David Blake
      Pages 126-133

    3. Discussion

      • Friedrich Breyer
      Pages 134-138

  6. Chapter 4

    1. Retirement Savings in an Ageing Society: A Case for Innovative Government Debt Management

      • Henning Bohn
      Pages 139-181

    2. Discussion

      • Alan J. Auerbach
      Pages 182-186

    3. Discussion

      • Philipp C. Rother
      Pages 187-189

  7. Chapter 5

    1. Ageing and Financial Stability

      • E. Philip Davis
      Pages 191-227

    2. Discussion

      • Franklin Allen
      Pages 228-234

    3. Discussion

      • Martin Hellwig
      Pages 235-242

  8. Chapter 6

    1. Should Monetary Policy be Different in a Greyer World?

      • David Miles
      Pages 243-276

    2. Discussion

      • Hiroshi Fujiki
      Pages 277-285

    3. Discussion

      • Benoît Mojon
      Pages 286-292

  9. Chapter 7

    1. Aging as a challenge for economic policy Panel Discussion

      • Claus F. Hofmann
      Pages 293-301
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Keywords

About this book

net income. It draws on the experience gained when the social security system in Italy was reformed in the early 1990s, which led to drastic reductions in the number of claims against the statutory pension scheme. The various sectors of the population (elderly people, young people, public employees as opposed to private­ sector employees, etc.) were affected to differing degrees. From Brugiavini's estimates, it becomes clear that a reduction in claims against the statutory pension system has led to a markedly increased willingness to save, particularly in the sectors of the population which were most affected. Reinhold Schnabel starts by discussing possible consequences of a pension cut from a German perspective. He discusses possible effects on saving and labour supply. In the second part of his comments he questions whether all of Brugiavini's interpretations of the "Italian experiment" are convincing. He doubts in particular, whether the reform was unexpected.

Editors and Affiliations

  • Department of Economics, University of California, Berkeley, USA

    Alan J. Auerbach

  • Deutsche Bundesbank, Frankfurt am Main, Germany

    Heinz Herrmann

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