Population aging raises a number of issues regarding the optimality of public debt policy and the systems of public pension provisions that are in use in developed countries. The studies in this book address these questions using computable general equilibrium models. They give illuminating...

This paper studies the interaction between macro-economic risk and pay-go social security. For this, it uses an applied general equilibrium model with overlapping generations of risk-averse households. The sources of risk are productivity shocks and depreciation shocks. The risk profile of...