We constructed an overlapping-generations model with endogenous fertility to analyze the effect of child benefits and pensions on welfare for current and future generations. The following results were obtained. First, when financial sustainability is not taken into account, the best policy to...

The present paper considers a simple (Keynesian) macroeconomic model to quantify impacts of the large scale earthquake in Tokyo on national economy variables such as economic growth, price level, interest rate, fiscal balance by Monte Carlo simulations. The simulations reveal that while GDP...