We construct and simulate a model to study the welfare and macroeconomic impact of government actions when its productive role is taken into account. The trade-off between public investment and public consumption is also investigated, since public consumption is introduced as a public good that...

A simple exercise on growth and inflationary financing of public expenditures is presented in this note. In a parameterized overlapping generations mode1 where government expenses positivc1y affects the growth rate of human capital, steady state capital and output increase with inflation,...

This article investigates the causes in the reduction of labor force participation of the old. We argue that the changes in social security policy and in technology, and the introduction of Medicare may account for most of the changes in retirement over the second part of the last century in the...