Demographic change and automation are two main structural trends shaping the macroeconomy in the next decades. We present a general equilibrium model with a tractable life-cycle structure that allows the investigation of the main transmission mechanisms by which demography and technology affect...

This paper builds a large overlapping generations model of a small open economy featuring imperfect competition in the labor and product markets to understand i) which were the main determinants of the large expansionary phase experienced in Spain from the mid-1990s until the arrival of the...

We examine the incidence on household consumption of the introduction of tax incentives to retirement saving. First, using data from a panel of tax returns we document that most contributions to pension funds are by older/high-income individuals. Then we use panel data from a consumption survey...

This paper uses a Spanish panel of tax returns and another on household expenditure during the period 1985-1991 to examine the incidence of the introduction in 1988 of tax incentives to retirement savings on contributions to pension funds and on savings. We first identify the population cohorts...

This paper surveys the main issues in the debate about pensions. The first part of the paper contains some calculations of the future evolution of the pension burden in Spain. The second part of the paper comments on the effects of policy measures that could either control expenditures on...

Spanish Abstract: El déficit del Sistema de la Seguridad Social español alcanzó un 1,5 % del PIB en 2015, que contrasta con el superávit observado antes de la crisis económica, del 2,2 % del PIB en 2007. Este deterioro se debe, sobre todo, a un incremento del gasto en pensiones...