This paper explains why workers retire earlier, and earlier at the same time as society becomes more and more indebted through increasing pay-as-you-go pension liabilities. To do so, we extend the standard twooverlapping-generations growth model to allow for endogenous labor participation in the...

This paper explains why workers retire earlier, and earlier at the same time as society becomes more and more indebted through increasing pay-as-you-go pension liabilities. To do so, we extend the standard twooverlapping-generations growth model to allow for endogenous labor participation in the...

This paper analyzes the direction of optimal intergenerational transfers in a setting of endogenous growth à la Arrow-Romer. It shows that the case for ascending transfers such as implied by pay-as-you-go social security is rather weak. What is rather needed is a subsidy on interest income....

This paper considers a three-overlapping-generations model of endogeneous growth wherein human capital is the engine of growth. It first contrasts the laissez-faire and the optimality solutions. Then it discusses alternative sets of tax-transfer instruments that allow for decentralization of the...

This paper develops an intertemporal model wherein production generates pollution, which is viewed by consumers as a public bad. There are two types of consumer: those who are altruistic and leave bequests to their children, and those who are pure life-cyclers. Both types voluntarily contribute...

This paper analyzes the issue of income redistribution in a small economy in the process of opening itself to labor migration. It assumes that only full-fledged citizens benefit from redistribution and that it takes one period for a migrant to become a citizen. The degree of redistribution...

This paper analyses a growth model wherein saving results from bequestas-consumption. It first looks at the market equilibrium and at the optimal solution. Then it turns to the issue of decentralizing the optimal solution with various taxes and transfers. Depending on the available instruments,...

Actual bequests are an hybrid of canonical types and in particular of accidental bequest and paternalistic bequest related to some joy of giving. In this case the estate consists of two components: an amount intended by altruistic parents and an amount which results from the 'premature' death of...

This paper studies the incidence of tax-transfer policy in a growth model wherein individuals differ according to their level of intergenerational altruism and have an endogenous labor supply. The main results is that public debt is neutral at the macro level but redistributes resources from...

This paper addresses the issue of optimum population with two concerns : avoiding both the absolute repugnant solution that amounts to givingg to an infinite number an infinitesimal amount and the marginal repugnant solution in which equilibrium consumption decreases with income. To avoid these...