This article is the first attempt in the literature to investigate the effects of public social security on aggregate consumption in a time-series setting for a developing country, Turkey that has one of the most generous social security systems in the organization for economic cooperation and...

From the turn of the present century until late 2008, house prices in some developed countries, including Canada, rose sharply compared to the increases in their <italic>per capita</italic> incomes. Some in the public circles of these countries argue that immigration fueled this rise. Each year, Canada admits...

This paper examines the increase in generational selfishness in parametric reforms of pay-as-you-go (PAYG) pension systems as a potential outcome of the time-inconsistency problem in optimal policies. When an adverse demographic shock occurs, the planner has to decide on its generational...

For the past two decades, most immigrants who arrived in the advanced nations of the western world originated in less advanced countries of the third world. One of the main barriers to their economic integration, as viewed in the public circles of host nations, is the lack of recognition of...