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)...

French Abstract: Cet article se propose d'étudier la participation des ménages au marché financier ainsi que les incidences du cycle de vie et de l'environnement économique sur les choix de portefeuille au sein de la zone euro. L'analyse empirique s'appuie sur les données de l'enquête sur...

Social Security provides insurance against idiosyncratic income risk but exposes workers to systematic risk because benefits are indexed to the evolution of aggregate earnings. I calibrate a life-cycle model to compare workers' certainty equivalent valuation of Social Security to its net present...