In this paper, we analyse the effects of demographic change on a PAYG pension system, financed with a defined contribution scheme. In particular we examine the relationship between retirement, fertility and pensions in a three-period overlapping generations model. We focus on both the case of...

We present a model of endogenous aging with public expenditure on health and pensions financed by an income tax. We show that government policies on health and pensions might lift an economy from a low to a high income steady state. In particular, the impact of an increase in the income tax is...

This paper studies retirement and child support policies in a small, open, overlapping-generations economy with PAYG social security and endogenous retirement and fertility decisions. It demonstrates that neither fertility nor retirement choices necessarily coincide with socially optimal...