This paper proposes to explain why there are so many guests in African households and to determine the consequences on individual behaviors. The starting point is the assumption that there exists, in traditional societies, a norm, together with a system of sanctions, which states that within the...

In this paper, we study the intertemporal equilibria of an infinite-lived representative agent model with public debt. We show that for a given path of government expenditures, there generally exist a continuum of equilibria depending on various debt policies.