Then, we build a theory of labor supply with heterogeneous agents consistent with these empirical facts.  The key features of the model are life-cycle, incomplete markets, nonlinear wage schedules, an intensive and extensive margin in labor supply, and a social security system.  We calibrate...

This paper studies the impact of an unfunded social security system on the distribution of altruistic transfers in a framework where savings are due to both life cycle and random altruistic motivations. We show that the effect of social security on the distribution of these transfers depends...

This paper studies the effects of uncertain lifetime on capital accumulation and growth and also the sensitivity of those effects to the existence of a perfect annuities market. The model is an overlapping generations model with uncertain lifetimes. The technology is convex and such that the...

In this article, we study the welfare effects of unfunded social security in a general equilibrium model populated with overlapping generations of altruistic individuals that differ in lifetime expectancy and earnings ability. Contrary to previous research, our results indicate that steady-state...

This paper quantifies the effects of social security on capital accumulation and wealth distribution in a life-cycle framework with altruistic individuals. The main findings of this paper are that the current U.S. social security system has a significant impact on capital accumulation and wealth...

The aim of this paper is to understand recent observations of fertility, female employment, and participation rates in O.E.C.D. countries. These observations indicate that fertility rates are positively correlated with female employment ratios and participation rates across O.E.C.D. countries...

We build a heterogeneous life-cycle model which captures a large number of salient features of individual labor supply, by education, over the life cycle. The model provides an aggregation theory of individual labor supply, firmly grounded on micro evidence, and is used to study the aggregate...

There are substantial cross-country differences in labor supply late in the life cycle (age 50+). A theory of labor supply and retirement decisions is developed to quantitatively assess the role of social security, disability insurance, and taxation for understanding differences in labor supply...

In this paper, we first use household survey data to documents facts on the heterogeneity and life-cycle dynamics of labor supply across many European countries and the U.S. We also document a substantial variation in the out-of-pocket medical expenses faced by individuals across countries. We...

This paper has three contributions. First, we document various facts about the labor supply decisions of men and women in the US over their life-cycle. For cohorts of male and female individuals in the PSID, we study the life-cycle profile of average hours worked, the variance of log hours, and...