This paper introduces unfunded pay-as-you-go public pensions in a two-period overlapping generations economy with endogenous lifetime a' la Chakraborty (2004). We study the transitional dynamics and steady states outcomes showing that the public provision of health services may have not only the...

This paper explores the qualitative dynamics of the economy in the Keynesian short run, following the authoritative formalizations of Keynes' General Theory but including a hypothesis of adaptive price expectations of firms. We show the existence, via Hopf bifurcations, of a stable cyclical (and...

In this paper we develop a simple model of the labour market in the neoclassical framework. According to the mainstream literature, dating back to, e.g., Friedman (1968) and Phelps (1968), only temporary deviations from the natural rate of employment may take place in the "expectations...