The purpose of this paper is to improve our understanding of government solvency in OLG models with a given sequence of government expenditures. In our view, public debt is allowed if its level does not preclude the existence of a competitive equilibrium. We first consider the case where the...

This paper studies macroeconomic consequences of the development of pension funds, assuming they hold a significant share of capital assets. We assume that this concentration introduces imperfect competition, that lowers wages and increases capital return. We show that pension funds tend to...

[fre] Cash-in-advance constraints in the overlapping generations model : neutrality of monetary policies and macro-dynamics. . This article is concerned with the role of money in an O.L.G. model. Money is introduced through a cash-in-advance constraint. We show that money is super-neutral if the...

[fre] Une présentation simple des dynamiques complexes. . Sous sa forme la plus simple, le modèle à générations imbriquées utilise les propriétés dynamiques des évolutions non linéaires en dimension un. Dans l'étude de ce modèle, nous explorons systématiquement ces propriétés et...

This article is devoted to the study of the Pareto-efficiency of the competitive equilibrium for a simple overlapping generations economy with endogenous fertility. For CES utility and production functions, it is proved that the economic properties of the economy are closely related to the two...

This paper presents an overlapping generations model with altruistic consumers, in which pension funds, by holding a signi...cant share of capital assets, produce non competitive behavior. We study the consequences of such behavior on capital accumulation and welfare in the long run when...

We analyze the relationship between imperfect competition and capital accumulation in a dual economy, with traditional and modern sectors and two types of agents (workers and capitalists). Workers allocate their time endowment between the two sectors. Capitalistsaccumulate wealth in the modern...

We analyze the relationship between imperfect competition and capital accumulation in a dual economy, with traditional and modern sectors and two types of agents (workers and capitalists). Workers allocate their time endowment between the two sectors. Capitalists accumulate wealth in the modern...

In this paper, we study the equilibrium dynamics of an overlapping generations model with capital, money and cash-in-advance constraints. At each period, the economy can experience two different regimes: either the cash-inadvance constraint is binding and money is a dominated asset, or the...

This paper is devoted to the study of the Pareto-efficiency of the competitive equilibrium for an overlapping generations economy with endogenous fertility. Pareto-efficiency needs a reformulation when fertility is endogenous. Then it is proved that a competitive equilibrium that converges in...