This note presents a model in which pension funds, by holding a significant share of capital assets, can exert a non … competitive behavior on labor market. This leads to lower wages and higher capital returns, and can reduce capital accumulation …

constraints and capital accumulation. In particular, we show that, even though no extrinsic uncertainty affects fundamentals …

This paper studies the equilibrium dynamics of an overlapping generations model with capital, money and cash … as capital. …

This paper presents a simple two-country model with mobile capital and immobile labour, in which there are two classes … of individuals, the workers and the capital owners. A source-based tax on capital income is used to finance transfers to …), capital income is shown to be undertaxed at the non-cooperative equilibrium relative to the autarkic situation. …