Countries with higher implicit taxes on continued work are associated with lower labor force participation rates of the elderly. This paper constructs a politicoeconomic model that accounts for this feature based on multiple, self-fulfilling expectations of agents. In this model, agents are...

Countries with higher implicit taxes on continued work are associated with lower labor force participation rates of the elderly. This paper constructs a politicoeconomic model that accounts for this feature based on multiple, self-fulfilling expectations of agents. In this model, agents are...

In this paper, we use a two-period overlapping generations model to examine the behavior of an economy that incorporates intergenerational transfers of time. In the first part, we describe the dynamics and steady state of the economy in which there is no government. We show that the rate of life...

This study presents an overlapping generations model to capture the nature of the competition between generations regarding two redistribution policies, public education and public pensions. In addition, we investigate the effects of population aging on these policies and economic growth from a...

This study presents an overlapping-generations model with altruism towards children. We characterize a Markov-perfect political equilibrium of voting over two policy issues, public education for the young and social security for the old. The model potentially generates two types of political...

This paper develops an overlapping-generations model with altruism towards children. The paper characterizes a Markov perfect political equilibrium of voting over two policy issues, public education for the young and social security for the old. The model potentially generates two types of...

This paper introduces an overlapping-generations model with earnings hetero- geneity and borrowing constraints. The labor income tax and the allocation of tax revenue between social security and forward intergenerational public goods are determined in a bidimensional majoritarian voting game...

This paper presents an overlapping-generation model featuring probabilistic vot- ing over two policy issues, namely, pension and public goods. To capture the forward-looking behavior of voters, we characterize a Markov-perfect political equi- librium in which the two policy variables are...

This paper develops an overlapping-generation model featuring four types of households: single female, single male, one-breadwinner couple and two-breadwinner couple. The paper considers majority voting over public pension in the presence of derived pension rights for one-breadwinner couples. In...

This paper develops an overlapping-generation model featuring four types of households: single female, single male, one-breadwinner couple and two-breadwinner couple. The paper considers majority voting over public pension in the presence of derived pension rights for one-breadwinner couples. In...