Long run growth and short run stabilization : essays in memory of Albert Ando There is much confusion in the economics literature on wage determination and the employment inflation trade off. Few model builders pay as much careful attention to the definition and meaning of long run concepts as did Albert Ando. Expanding on years of painstaking work by Ando the contributors elaborate on the main issues of economic analysis and policies that concerned him The economics legacy of Albert Ando The age saving profile and the life cycle hypothesis Do capital gains affect consumption Estimates of wealth effects from Italian households behavior Demographic changes reforms to the social security system and private savings in Italy Do the elderly dissave in Japan On robust monetary policy The euro and the transmission of monetary policy Monetary and fiscal policy in a liquidity trap A three factor yield curve model : non affine structure systematic risk sources and generalized duration The over investment hypothesis Designing indexed units of account Land prices and business fixed investment in Japan Rationality behavior and switching idiosyncracies in the euro dollar exchange rate