During the 90's, some important European countries, among which Italy and Sweden, have radically transformed their public pension system by adopting defined-contribution rules, while retaining the pay-as-you-go financial architecture. The paper inquires into the theoretical properties of the...

During the 1990s, some important European countries, particularly Italy and Sweden, have radically transformed their public pension system by adopting defined-contribution rules while retaining a pay-as-you-go financial architecture. This paper inquires into the theoretical properties of these...

During the 1990s, some important European countries such as Italy and Sweden radically transformed their public pension systems by adopting defined-contribution rules while retaining a pay-as-you-go financial architecture. The paper inquires into the theoretical properties of such "notional...