An overlapping generations model of social security with labor and capital productivity shocks and demographic shocks is studied.

In this paper we argue that the political incentives that resource endowments generate are the key to understanding whether or not they are a curse. We show: (1) politicians tend to over-extract natural resources relative to the efficient extraction path because they discount the future too...

In the present paper, we adopt the usual assumptions of the collective approach, that is, individualism and efficiency, in order to study household labor supply. The theoretical innovation is twofold. First, we incorporate in the initial setting the participation decision to the labor market....

In the present paper, we develop a new approach to deal with female labor supply in the so-called collective framework. It is often empirically observed that the husband's labor supply is fixed at full-time or determined by demand-side constraints. From this observation, we elaborate a model...

French life insurance remained underdeveloped in comparison with other countries during a long period between 1870 and 1939. We show that technical peculiarities of the contracts used and their interaction with macroeconomic fluctuations explain the wide fluctuations we observe in insurance...