This chapter examines the micro- and macroeconomic effects of generational policies using closed and open general equilibrium dynamic life-cycle models. The models illustrate the broad array of demographic, economic, and policy issues that can be simultaneously incorporated within todays...

The world’s leading economies, both developed and developing, are engaged in an ever changing economic symbiosis that is governed in large part by demographics and technological change, but also by pension, healthcare, and other fiscal policies. This interconnected economic evolution - what...

A switch from the current destination-based value-added taxation to an origin-based consumption tax will not be neutral in a world economy with international capital mobility and overlapping generations. This paper evaluates the macroeconomic and welfare effects of such a multilateral reform in...

The developed world stands at the fore of a phenomenal demographic transition. Over the next 30 years the number of elderly in the OECD countries will more than double. At the same time, the number of workers available to pay the elderly their government-guaranteed pension and health care...

This study uses Fehr, Jokisch, and Kotlikoffs̕ (2004a) dynamic general equilibrium model to analyze the effects of changes in fertility and mortality on the developed worlds̕ demographic transition. The model features three regions the U.S., Japan, and the EU-15 and incorporates age- and...