The institutional structures of the various types of European welfare state were established around extra revenues called the "demographic dividend" that used to be easily available throughout the decades of the 20st century. They, however, ceased to be available at the end of that century. The...

The welfare state is not merely a stand-in for missing markets; it can do a whole lot more. When generations overlap and the young must borrow to make educational investments, a dynamically-efficient welfare state, by taxing the middle-aged and offering a compensatory old-age pension, can...

This paper uses a new age period cohort model to show that among cohorts born between 1935 and 1975, cohorts born around 1950 are significantly above the income trend in most countries. However, such inequalities between generations are much stronger in conservative, continental European welfare...