Reforms of pension systems are currently engaged or considered -in many of the European countries, like in France. Alternative reforms not only involve different macroeconomic effects but also large distributive consequences both between ages, income or socio-economic groups. This paper uses a...

This paper considers the consequences of employment protection with a fully diversified stock market when firms face a common shock. The analysis focuses on the interaction between employment protection and stock market when wages are sluggish or fixed. We build and calibrate a dynamic model...