-As-You-Go (PAYG) social security, and the mix ofPAYG and savings for retirement provision in a small open economy. It shows that … paper also provides acondition for partial displacement of savings by the PAYG, which is in line with vastempirical evidence. …

highlight the distinction between planner optimization and household optimization. We show that planner optimization is a … partial substitute for household optimization and that this is still true when households have private in- formation about … household optimization are also implied by planner optimization. A rational utilitarian planner enacts policies that cause the …

effect on household saving, and a negative effect on fertility. In Germany, as in other countries where the hypothesis was …

effect on household saving, and a negative effect on fertility. In Germany, as in other countries where the hypothesis was …