Torben M. Andersen is professor in economics at the University of Aarhus, Denmark. He is research fellow at CEPR (London), CESifo (Munich), IZA (Bonn), and IfW (Kiel). His research mainly deals with labour market and public policy issues. He has published widely in international journals and books on stabilization policy, labour economics, public economics, and the economics of the Nordic welfare state. He has also been active in policy advice and has among other things served as chairman of the Danish Economic Council and the Danish Welfare Commission. He has been involved in policy advice for the European Commission and governments in Sweden, Norway, Finland, Canada, and Greenland. Svend E. Hougaard Jensen is Professor of Economics and Director of the Pension Research Centre (PeRCent) at Copenhagen Business School. He is chairman of Bruegel's Scientific Council, and he is a member of the Systemic Risk Council. His research has focused on monetary unification and fiscal policy in Europe, generational and macroeconomic effects of changing demographics, pensions and social security, structural reforms, and macroeconomic policy more generally. Jensen has served as a consultant to the World Bank, the European Commission, and other government agencies. Jesper Rangvid is Professor of Finance and Director of the Pension Research Centre (PeRCent) at Copenhagen Business School. In his research, Jesper Rangvid studies asset return determination and forecastability, financial crises, financial institutions (in particular asset managers and banks), international finance, and household finance. He was Chairman of the government-appointed committee that investigated the causes and consequences of the financial crisis in Denmark. He is a board member of The Medical Doctors' Pension Fund and The Medical Doctors' Pension Bank.