Size of idiosyncratic relative to common fluctuations 1.2 Idiosyncratic relative to common fluctuations over time 1.3 Idiosyncratic relative to common fluctuations in the euro area 2.1 Output gap equations with country dummies, OECD countries, 1982-2003 2.2 Cross-country correlation coefficients between persistence/amplification coefficients and labour/product market policy indicators 2.3 Correlation coefficients between labour and product market regulation indicators 2.4 Output gap equations with labour and product market regulation indicators, 20 OECD countries, 1982-2003 2.5 Output gap equations with synthetic indicators of labour and product market regulation 20 OECD countries, 1982-2003 2.6 Cross-country correlation coefficients between persistence/amplification coefficients and monetary/financial variables 2.7 Structural unemployment econometric estimates, 20 OECD countries, 1982-2003 2.8 Equations with alternative output gap definitions 2.9 Output gap equations with both observed and unobserved shocks 2.10 Output gap equations with control for fiscal policy Classification JEL : E32 ; O43. Mots-clés : résilience ; écart d'activité ; cycles ; institutions.

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Projections show that, without policy changes, population aging will lead to unsustainable developments in public budgets. Various policy options to address this challenge are reviewed. Particular emphasis is given to the incentives to retire early and the programs that generate these incentives. The requirements for labor markets to absorb an added supply of older workers are discussed. Copyright Blackwell Publishing Ltd 2004.

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