This note presents a model in which pension funds, by holding a significant share of capital assets, can exert a non competitive behavior on labor market. This leads to lower wages and higher capital returns, and can reduce capital accumulation and long-run welfare.

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

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...