We utilize a simple overlapping generations model with a balanced budget rule to study the effect of distortionary taxation on cycles and local stability of equilibria. We show that under proportional taxation there is a critical tax rate above which cycles will vanish, while in the case of...

We incorporate a renewable resource into an overlapping generations model with standard, well-behaved utility and constant returns to scale production functions. Besides being a factor of production the resource serves as a store of value. We characterize dynamics, efficiency and stability of...

We utilize a simple overlapping generations model with a balanced budget rule to study the effect of distortionary taxation on cycles and local stability of equilibria. We show that under proportional taxation there is a critical tax rate above which cycles will vanish, while in the case of...

We study the effects of aging population on the sustainability of fiscal policy in overlapping generations models with government debt and a pay-as-you-go pension system.The smaller the population growth rate, the lower the maximum sustainable level of deficits. When the utility function is of a...

We introduce endogenous time preference via investment in patience (farsightedness) in an overlapping generations growth model to study development traps.There is no investment in patience, if the economy is very poor, while if it is wealthy enough there is always such investment.We explore the...

We construct a simple exchange economy overlapping generations model in which there are along with a public social security various private insurance schemes to explore fertility and the effects of various variables on it. In the private system parents can invest in children and benefit from...

We incorporate a renewable resource into an overlapping generations model with standard, well-behaved utility and constant returns production functions. Besides being a factor of production the resource serves as a store of value. We characterize dynamics, efficiency and stability of steady...

We incorporate a renewable resource into an overlapping generations model without capital and with quasi-linear preferences. Besides being an input for production the resource serves as a store of value. We characterize the dynamics, efficiency and stability of the steady state equilibria. The...

We construct a simple exchange economy overlapping generations model in which there are along with a public social security various private insurance schemes to explore fertility and the effects of various variables on it. In the private system parents can invest in children and benefit from...