Consumption and labor earnings differ markedly from one another over the life cycle. These differences are made possible by various kinds of reallocations from one age to another. The reallocations take many forms, but they can be grouped into three analytically motivated categories.

This paper revisits the literature on overlapping generations models in the demographic context of a continuous age distribution and a general age schedule of mortality. We show that most of the static results known for the 3 or N age-group models can be extended to the continuous model. Some...

The US population will age rapidly for several decades and then more slowly, with less aging than most rich nations. Health of the elderly has greatly improved, but disability stagnated after 2000. Retirement age reversed its decline in the mid-1990s and health status leaves ample room for...