Aging populations are leading countries worldwide to social security reforms. Many countries are moving from pay-as-you-go to personal retirement account (PRA) systems because of their financial sustainability and positive impact on private savings. PRA systems boost private savings at a macro level by converting a government liability into financial wealth managed by private fund managers. How...

The effects of a financial transaction tax (FTT) are scientifically disputed, as seemingly small details of its implementation may matter a lot. In this article, we provide experimental evidence on the different effects of an FTT, depending on whether it is implemented as a tax on markets, on residents, or a combination of both. We find that a tax on markets has negative effects on volatility a...

Semiconductor fabs are large, complex industrial sites with costs for a single facility approaching $10B. In this paper we discuss the possibility of putting the entire functionality of such a fab onto a single silicon chip. We demonstrate a path forward where, for certain applications, especially at the nanometer scale, one can consider using a single chip approach for building devices with si...

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This paper investigates empirically why Japan’s household savings rate fell in the 1990s. We constructed an economic model consisting of two types of household: unconstrained life-cycle households and liquidity-constrained households. Unconstrained households generally save, but liquidity-constrained households consume all of their disposable income. We found that the proportion of liquidity-co...

Purpose This article reports on research conducted inside British national media organizations. Interviews were conducted with journalists working in newsrooms at the BBC, Sky News, The Guardian and the Financial Times. The research was designed to investigate the impact on the working practices of journalists of the process of production convergence – the trend towards news reporting in more t...