This paper re-examines the effects of population aging and pension reforms in an OLG model with labor market frictions. The most important feature brought about by labor market frictions is the connection between the interest rate and the unemployment rate. Exogenous shocks (such as aging)...

La décision de partir en retraite fait intervenir de multiples facteurs dont il est difficile d’apprécier le caractère décisif. La connaissance des motifs de départ se pose avec une acuité particulière pour les individus qui, au terme de leur vie active, ont une durée d’assurance qui...

The aim of this paper is to build and estimate a macroeconomic model of credit risk for the French manufacturing sector. This model is based on Wilson's CreditPortfolioView model (1997a, 1997b); it enables us to simulate loss distributions for a credit portfolio for several macroeconomic...