The purpose of this paper is to provide a critical evaluation of theoretical models showing that shifting from pay-as-you-go to fully-funded social security schemes can be made Pareto-improving. Further, it argues that what often makes a reform towards funded schemes attractive is a number of...

This paper studies macroeconomic consequences of the development of pension funds, assuming they hold a significant share of capital assets. We assume that this concentration introduces imperfect competition, that lowers wages and increases capital return. We show that pension funds tend to...

The purpose of this paper is to examine, using macro-econometric models based on French data, how the fix-price model describes the economic situation of the 1970's. The structure of these models is briefly surveyed and, with regards to the present paper, the more relevant results are given. The...

In this article, the IS-LM model is reexamined in light of the developments of macroeconomic theory in the past two decades. The transaction demand for money is described through a Clower constraint, and the demand for physical investment is derived from the maximization of the sum of the...