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Summary The main reason to study lifetime earnings as opposed to annual earnings is that the former are purged of life cycle influences. If annual earnings are described by a random variable, it logically follows that lifetime earnings are also random. This paper examines the implications of this statement, starting from the basic assumption that annual earnings of a new entrant to the labor force are a drawing from a two parameter lognormal distribution. It is found that the probability distribution function of lifetime earnings can be derived explicitly if one is willing to define lifetime earnings as a geometric mean.

Abstract  This paper discusses a numerical planning model for the bank notes operations at a central bank. The operation of the model is demonstrated by four examples taken from the present day situation in the Netherlands. The major aim of this effort has been towards developing a new tool for the assessment of the performance of the bank note process from a central banker's point of view. Thus the thrust has been towards the description of the bank notes operations at a central bank, utilizing a comprehensive quantitative model. In a sense, this effort exemplifies long‐term corporate planning of a central bank's issue department.

In this book, internationally renowned scholars, including two Nobel Laureates, have been drawn together to celebrate Arnold Heertje's rich contribution to the field of economics. Their essays reflect his influence in the areas of economic theory and policy. In particular, they follow in the tradition of his work on oligopoly and price theory, welfare theory and policy, growth theory, environmental economics, technical change and the history of economic thought and methodology. The contributors offer penetrating insights into the structure and functioning of different types of market structures and the character of technical change. In addition, they address current topics such as the recent problems in East Asian economies, the money supply in the European Monetary Union and economic development. Finally, they pay tribute to Arnold Heertje's work on the history of economic thought, discussing the writings of David Ricardo, the German historical school, Herbert Robinson, Alfred Marshall and Herbert Foxwell. This book will attract economic theorists, and scholars and students who are interested in the history of economic thought or in empirical subjects such as the policy implications of studies of labour markets, property rights and European Monetary Union