which consists of taxes and seignorage, and distributes its eventual budget surpluses through transfers to individuals … extended model, and prove that there exists a monetary equilibrium with no transfers. Moreover, we show that if the price level … is high enough, a monetary equilibrium with positive transfers exists. …

This chapter analyzes the effects of an aging population on individual skill choices and the production structure by … means of a dynamic general equilibrium model with overlapping generations and probabilistic aging. The model allows for … labor gives a boost to GDP. Hence, the often cited adverse effects of aging are mitigated and can be overcome when taking …