We assess the political support for parametric reforms of the pay-as-you-go pension system following a drop in the fertility rate. Using a continuous-time overlapping-generations model, we argue that reforms that consist in cutting pension benefits or increasing the retirement age are likely to...

We extend a simple version of the citizen candidacy model (developed by Osborne-Slivinski (1996) and Besley-Coate (1997)) to an asymmetric information setting, in which the type of a given individual is assumed to be private information. Focusing on a particular class of perfect Bayesian...

The aim of this paper is to better understand the impact of unemployment on the design of Pay-As-You-Go pension systems, in the context of population aging. We consider a model in which people differ according to age and face in every period a given probability of becoming unemployed. We first...

We extend a simple version of the citizen candidacy model (developed by Osborne-Slivinski (1996) and Besley-Coate (1997)) to an asymmetric information setting, in which the type of a given individual is assumed to be private information. Focusing on a particular class of perfect Bayesian...