In this paper, we investigate the interactions between public debt and transfer policies in a framework based on Floden [2001], that we extend to allow for transitional dynamics between steady states. First, we show that, starting from a high level of public debt, it is possible to implement a...

In line with Campbell and Cochrane (1999) and Gomes and Michaelides (2003), we study the implications of various types of habit formation in a further examination of some asset pricing puzzles. Precisely, we build an overlapping generations economy consisting of different types of agents...

Reforms of pension systems are currently engaged or considered -in many of the European countries, like in France. Alternative reforms not only involve different macroeconomic effects but also large distributive consequences both between ages, income or socio-economic groups. This paper uses a...