This paper analyzes a social security policy with public debt in an overlapping generations growth model. In particular, the paper considers a situation in which population aging causes a heavy burden of social security payments where public debt is issued by the government to finance the...

We develop an overlapping generations model of growth and the environment in which industrial firms produce environmentally harmful emissions. A government controls the emissions by assigning emission quotas to firms, and permits could be issued and freely traded as financial instruments across...