This paper re-examines the effects of population aging and pension reforms in an OLG model with labor market frictions. The most important feature brought about by labor market frictions is the connection between the interest rate and the unemployment rate. Exogenous shocks (such as aging)...

Consider an economy populated by males and females, both rich and poor. The society has to choose one of the following marriage institutions: polygyny, strict monogamy, and serial monogamy (divorce and remarriage). After having identified the conditions under which each of these equilibria...

The usual 'efficient' bargaining solution between a monopolistic firm and a union has always been derived under the constraint that the firm produces on its production frontier. The authors show that, if the union is risk-averse and powerful enough, this constrained efficient bargaining solution...