Journal Publications

Endogenous Grids in Higher Dimensions: Delaunay Interpolation and Hybrid Methods (with Matthias Schön), accepted for publication in: Computational Economics (2016)
DOI information: 10.1007/s10614-016-9611-2

A Life-Cycle Model with Ambiguous Survival Beliefs (with Max Groneck and Alex Zimper), Journal of Economic Theory (2016), pp. 137-180.
DOI information: 10.1016/j.jet.2015.12.008 

On the Optimal Provision of Social Insurance: Progressive Taxation versus Education Subsidies in General Equilibrium (with Dirk Krueger), Journal of Monetary Economics, Volume 77, pp 72-98.
DOI information: 10.1016/j.jmoneco.2015.11.002

Social Security in an Analytically Tractable Overlapping Generations Model with Aggregate and Idiosyncratic Risk (with Daniel Harenberg), International Tax and Public Finance, August 2015, Volume 22, Issue 4, pp 579-603.
DOI information: 10.1007/s10797-015-9368-x.
Supplementary Appendix

Aging and Pension Reform: Extending the Retirement Age and Human Capital Formation (with Axel Börsch-Supan and Edgar Vogel),  Journal of Pension Economics and Finance (2017), Vol. 16, Issue 1, pp. 81-107.
DOI information: 10.1017/S1474747215000086

Aging in Europe: Reforms, International Diversification, and Behavioral Reactions“ (with Axel Börsch-Supan and Klaus Härtl), American Economic Review P&P, 104(5): 224-29.

Biased Bayesian Learning and the Risk-free Rate Puzzle (with Alex Zimper), Journal of Economic  Dynamics and Control, 39, 79-97, 2014.

Optimal Progressive Labor Income Taxation and Education Subsidies When Education Decisions and Intergenerational Transfers are Endogenous (with Dirk Krueger), American Economic Review P&P, 103(3), 496-501, 2013.

A Parsimonious Model of Subjective Life Expectancy (with Alex Zimper), Theory and Decision, 75(4), 519-541, 2013. (Appendix)

A Decision-theoretic Model of Asset-price Underreaction and Overreaction to Dividend News (with Alex Zimper), Annals of Finance, 9, 625-665, 2013.

Demographic Change, Human Capital and Welfare (with Thomas Schelkle and Edgar Vogel), Review of Economic Dynamics, 15(1), 94-107, 2012. Appendix.

Sharing Demographic Risk: Who is Afraid of the Baby Bust? (with Michael Reiter), American Economic Journal: Economic Policy, 2(4), 83-118, 2010.

Mortality, Fertility, Education and Capital Accumulation in a Simple OLG Economy (with Edgar Vogel), Journal of Population Economics, 23(2), 703-735, 2010.

On Attitude Polarization under Bayesian Learning with Non-additive Beliefs (with A. Zimper), Journal of Risk and Uncertainty, 39, 181-212, 2009.

Living Standards in an Aging Germany: The Benefits of Reforms and the Costs of Resistance (with Axel Börsch-Supan), Journal of Economics and Statistics, 229(2+3), 163-179, 2009.

Aging, Asset Markets, and Asset Returns: A View from Europe to Asia (with Axel Börsch-Supan), Asian Economic Policy Review, 4(1), 69-92, 2009.

On the Consequences of Demographic Change for Rates of Return to Capital, and the Distribution of Wealth and Welfare (with Dirk Krüger), Journal of Monetary Economics, 54(1), 49-87, 2007.

The Gauss-Seidel-Quasi-Newton Method: A Hybrid Algorithm for Solving Dynamic Economic Models, Journal of Economic Dynamics and Control, 31, 1610-1632, 2006.

Investment behavior under ambiguity: The case of pessimistic decision makers (with A. Zimper), Mathematical Social Sciences, 52, 111-130, 2006

Aging, pension reform, and capital flows: A multi-country simulation model (with A. Börsch-Supan and J. Winter), Economica, 73, 625-658, 2006.

Rational expectations and ambiguity: A comment on Abel (2002) (with A. Zimper), Economics Bulletin, Vol. 4 no. 2, 1-15, 2006.

The Relationship between Stock Prices, House Prices and Consumption in OECD Countries (with T. Sloek), Topics in Macroeconomics, 4(1), Article 4, 2004.

Pension Reform, Capital Markets, and the Rate of Return (with A. Börsch-Supan, F. Heiss and J. Winter), German Economic Review, 4(2), 151-181, 2003.

Policy Papers

Das Deutsche Rentensystem: Thesen zur derzeitigen Diskussion um „Umkehr“-Reformen in: SAFE White Paper No. 40, 2016

Demographischer Wandel: Kapitalrenditen, Löhne und Verteilungswirkungen In: Fugger, C., Hannappel, S., Hrsg. (2016): Demographischer Wandel - Fakten, Prognosen, Herausforderungen und Chancen, Sammelband zur Ringvorlesung im Wintersemester 2014/2015 an der Universität zu Köln


The Macroeconomics of Demographic Change - Essays on Economic Modelling, Dissertation, University of Mannheim,

Demographie und Kapitalmärkte: Die Auswirkungen der Bevölkerungsalterung auf Aktien-, Renten- undImmobilienvermögen (with A. Börsch-Supan and M. Sommer), Deutsches Institut für Altersvorsorge, DIA, 2003.

Rentenreform im globalen Kontext, Peter Lang, Frankfurt, 2002.

Other Publications

Asset Market Meltdown in Sicht?, in: Michael Freytag (ed.), Verbrauchervielfalt: Chancen des demografischen Wandels für Konsum und Finanzen, 290 - 301, 2013.

Old Europe is Aging: Reforms and Reform Backlashes (mit Axel Börsch-Supan), in: J. Shoven (ed.), Demography and the Economy. University of Chicago Press, 169 - 204, 2011.

Aging, Asset Markets, and Asset Returns: A View from Europe to Asia (with Axel Börsch-Supan), Asian Economic Policy Review , 4(1), 69-92, 2009.

Demographic Change, Relative Factor Prices, International Capital Flows, and Their Differential Effects on the elfare of Generations (with Dirk Krüger and Axel Börsch-Supan), NBER Working Paper 13185, 2007,forthcoming in: Brown, J., J. Liebmann and D. A. Wise (eds.): Social Security Policy in a Changing Environment, University of Chicago Press.

Demography, savings, and global capital markets (with A. Börsch-Supan and J. Winter), in: M. Heise and V.Wieland (eds.): Capital markets in the long term: Demography, economic development, and funded pensionsystems, Frankfurt, Center for Financial Studies, pp. 107-126, 2005.

Ageing, the German rate of return and global capital markets (with A. Börsch-Supan and J. Winter), Demography Special, Deutsche Bank Research, December 4, 2003.
German version available as: Alterung, deutsche Renditeentwicklung und globale Kapitalmärkte, Demografie Spezial Nr. 273, Deutsche Bank Research, June 16, 2003.

Aging and international capital flows (with A. Börsch-Supan and J. Winter), in: A. Auerbach and H. Hermann(eds.): Aging, Financial Markets and Monetary Policy, Heidelberg: Springer, pp. 56-83, 2002.

Case study: Vorsicht Falle: Investitionen in den neuen Bundesländern (with D. Guilini), in: A. Börsch-Supan and R Schnabel: „Volkswirtschaft in fünfzehn Fällen“, Gabler Verlag, Wiesbaden, 1998.