Is an assumption of bounded rationality needed to explain Social Security and other mandatory pension plans? In this contribution we argue that when rational agents hold inconsistent expectations such programs may be justified. Two of the features that distinguish Social Security and many other...

El autor examina tres regimenes de tipo de cambio distintos en un modelo estocastico de generaciones solapadas con libre circulacion de capitales y mercados incompletos. Los regimenes se caracterizan segun el tipo de politica de transferencias concertadas financiadas por el señoreaje (o...