New Zealand's population is ageing. Public spending on public pensions (NZ Superannuation) and health are particularly sensitive to this trend and are expected to increase accordingly. Current and future government policies aimed at addressing this challenge will not only influence macroeconomic...

The paper gives conditions for effi ciency and ineffi ciency of equilibrium allocations in an overlapping-generations model with a constant rate of population growth and with multiple assets, but without labour. Optimal portfolio choice implies that, for any period and history up to that period,...

This expository note uses Hilbert's "infinite hotel", a hotel where one can always find place for another guest even if the hotel is already full, to illustrate the failure of the First Welfare Theorem in "large-square" economies that have infinitely many participants as well as infinitely many...

The paper gives conditions for effi ciency and ineffi ciency of equilibrium allocations in an overlapping-generations model with a constant rate of population growth and with multiple assets, but without labour. Optimal portfolio choice implies that, for any period and history up to that period,...

This expository note uses Hilbert's "infinite hotel", a hotel where one can always find place for another guest even if the hotel is already full, to illustrate the failure of the First Welfare Theorem in "large-square" economies that have infinitely many participants as well as infinitely many...