The worldwide problem with pay-as-you-go, defined-benefits social security systems is not just financial. Through a dynamic, overlapping-generations model where forming a family and bearing and educating children are choice variables, we show that social security taxes and benefits generate...

Census data from international sources covering 77 percent of the world's migrant population indicate that the skill composition of migrants in major destination countries, including the United States, has been rising over the last four decades. Moreover, the population share of skilled migrants...

The worldwide problem with pay-as-you-go (PAYG) social security systems isn't just financial. This study indicates that these systems may have exerted adverse effects on key demographic factors, private savings, and long-term growth rates. Through a comprehensive endogenous-growth model where...

Census data from international sources covering 77% of the world's migrant population indicate that the skill composition of migrants in major destination countries, including the US, has been rising over the last four decades. Moreover, the population share of skilled migrants has been...

We trace the impact of pay-as-you-go (PAYG) social security taxes on demographic and economic trends through an endogenous-growth model where human capital is the engine of growth, family choices affect its formation in children, and family formation itself is a choice variable. We show that...

Census data from international sources covering 77% of the world's migrant population indicate that the skill composition of migrants in major destination countries, including the US, has been rising over the last 4 decades. Moreover, the population share of skilled migrants has been approaching...