Since the early 1990's the growth rates of the four largest European economies—France, Germany, Italy, and the United Kingdom—have slowed. This persistent slowdown suggests a low-frequency structural change is at work. A combination of longer individual life expectancies and declining...

Since the early 1990's the growth rates of the four largest European economies--France, Germany, Italy, and the United Kingdom--have slowed. This persistent slowdown suggests a low-frequency structural change is at work. A combination of longer individual life expectancies and declining...

Since the early 1990's the growth rates of the four largest European economies — France, Germany, Italy, and the United Kingdom — have slowed. This persistent slowdown suggests a low-frequency structural change is at work. A combination of longer individual life expectancy and declining...

We construct a general equilibrium model in which a pay-as-you-go social security system can be adopted and sustained as a political and economic equilibrium. We analyze the welfare implications of this system and compare general equilibrium welfare measures to the commonly used notion of...

We construct a general equilibrium model in which a pay-as- you-go social security system can be adopted and sustained as a political and economic equilibrium. We analyze the welfare implications of this system and compare general equilibrium welfare measures to the commonly used notion of...