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heterogeneity of rearing costs and of enjoying children is introduced. Two major results: (i) excluding negative savings, fertility …
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and medicare coverage) on individual and aggregate consumption, saving, and wealth levels as well as wealth distribution …
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-As-You-Go (PAYG) social security, and the mix ofPAYG and savings for retirement provision in a small open economy. It shows that … paper also provides acondition for partial displacement of savings by the PAYG, which is in line with vastempirical evidence. …
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