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(workers) receive income only from wages while the old (capitalists) receive income only from savings. The authors characterize …
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wages from the productivity shocks. There are three possible equilibrium outcomes: economies that eventually remain open …
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For pay-as-you-go financed pension systems, claims may be calculated according to individual contributions (income) or the number of children of a family. We analyse the optimal structure of these parameters in a model with endogenous fertility. It is shown that for both structural determinants...
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