one-half the current level. Such dramatic demographic change could have a powerful impact upon saving behaviour in both … United Kingdom and the rest of Europe. How governments respond to shifts in saving and in the burden of state pensions is …

money value of the losses or gains to each generation as the unfunded state system is wound down. If there is altruism … effects of a transition to a fully funded pension system. We calibrate a simple overlapping generations model and estimate the …

The existing literature suggests that when the saving decision of two-earner households under risk is analysed … stringent conditions hold. This paper shows that when the two-earner households saving decision is formulated more generally …, standard results on the existence of precautionary saving no longer apply: precautionary saving is obtained if and only if very …

pension: the Personal Pension with Risk sharing (PPR). By unbundling and valuing the investment, (dis)saving, insurance and … risk-sharing functions of pensions, PPRs allow risk management and (dis)saving to be customized to the specific features of …

We ask how much the advent of the `one child policy' can explain the sharp rise in China's household saving rate. In a … macroeconomic and a microeconomic channel through which restrictions in fertility raise aggregate saving. The macro-channel operates … through a shift in the composition of demographics and income across generations. The micro-channel alters saving behaviour …

, agents’ prior beliefs are endogenously heterogeneous. Finally, in a consumption-saving problem with stochastic income, agents …

threatens the fiscal sustainability of its pension system, a key vehicle for intergenerational redistribution. We analyze the …