This paper extends the Diamond overlapping-generations model with pay-as-you-go social security by allowing for variable retirement age and for distortionary taxation of earnings and interest income. The tax rates are shown to depend on whether or not debt policy is available, and on the...

[fre] Croissance optimale avec population fluctuante. . Cet article introduit la possibilité d'une population fluctuante dans la théorie traditionnelle de la croissance optimale. Dans l'hypothèse où ces fluctuations sont cycliques, on distinguera une règle d'optimalité à deux temps. A...

[eng] In this paper, we explain why the old manage to obtain favourable pension policies whereas they belong to a minority in the population. The argument relies on the multidimensional nature of the political process. Indeed, we consider a two-dimensional collective choice problem. The first of...

This paper explains why workers retire earlier, and earlier at the same time as society becomes more and more indebted through increasing pay-as-you-go pension liabilities. To do so, we extend the standard twooverlapping-generations growth model to allow for endogenous labor participation in the...

This study examines the level of public investment in environmental quality when there are private alternatives. Public investment is chosen by majority voting. When consumption and environmental quality are complementary, one may observe a solution of the type “ends against the middle.” The...

This paper studies the determination of public investment in environmental quality when there are private alternatives. Public investment is chosen by majority voting. When consumption and environmental quality are complementary one may observe a solution of the type "ends against the middle".