-generations framework we show that in an environment characterized by unemployment, a reform towards a private pension system in the steady …

We consider a dynamic general equilibrium model with collective wage bargaining and investigate how unemployment … unemployment persistence by its adverse impact on growth, and may even destabilize the adjustment path. If this is the case, a … future fiscal consolidation is needed which further raises unemployment. These results are consistent with empirical evidence …

those who repay the debt if prices and wages are fixed and unemployment occurs in the periods in which public bonds are …