This paper explores the effects of a menu of intergenerational fiscal policies (public debt financed by taxes, PAYG social security system, inheritance taxation) in an overlapping-generations model with perfect altruism. It generalizes Barro's model by introducing intragenerational...

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

Alleviating poverty for the elderly requires a different approach from other age groups, and a minimum pension is likely to be the only viable option. This paper examines the impact on old age poverty and the fiscal cost of universal minimum old age pensions in 18 Latin American countries using...

Population aging puts significant pressure on social security systems that are based mainly on a pay-as-you-go (PAYG) formula and determined by the political process in which both retirees and future retirees participate. This paper demonstrates that in an economic and demographic steady state,...

In this paper, we describe the changes of (early) retirement programs over time and study the link between trends in elderly labor force participation and youth unemployment. From a theoretical point of view, there is no convincing argument that the idea of a lump-of-labor should hold. Our...