I analyze how lack of commitment affects the maturity structure of sovereign debt. Governments balance benefits of … default induced redistribution and costs due to income losses in the wake of a default. Their choice of short- versus long …

I analyze how lack of commitment affects the maturity structure of sovereign debt. Governments balance benefits of … default induced redistribution and costs due to income losses in the wake of a default. Their choice of short- versus long …

debt as a means to i) deliver intergenerational transfers or ii) smooth tax distortions. We find that certain politico …

debt as a means to i) deliver intergenerational transfers or ii) smooth tax distortions. We find that certain politico …

policy. The model predicts population ageing to lead to larger social security systems, but eventually lower benefits per … retiree. Under realistic parameter values, it predicts a social-security tax rate close to the actual one, but higher than the … Ramsey tax rate. Closed-form solutions for the case with endogenous labor supply, tax distortions, and multiple policy …

This contribution describes the linkage of microsimulation models and computable general equilibrium (CGE) models using …, microsimulation models allow for detailed labor supply and distributional effects due to policy measures, as individual household data …