Consumption and labor earnings differ markedly from one another over the life cycle. These differences are made possible by various kinds of reallocations from one age to another. The reallocations take many forms, but they can be grouped into three analytically motivated categories.

Public transfer programs in industrial nations have massive long term fiscal imbalances, and apparently permit the elderly to benefit through pension and health care programs at the cost of the young and future generations. However, the intergenerational picture is turned upside down when public...

This paper revisits the literature on overlapping generations models in the demographic context of a continuous age distribution and a general age schedule of mortality. We show that most of the static results known for the 3 or N age-group models can be extended to the continuous model. Some...