We investigate the differential impact that pension systems have on the labor supply and the accumulation of physical and human capital for individuals that differ by their learning ability and levels of life expectancy. Our analysis is calibrated to the US economy using a general equilibrium...

In order to help in designing an accurate pension reform, we determine the optimal resource allocation in an endogenous fertility model generating a demographic transition. Extending Samuelson’s (1975) work in such a setting, we analyze the problem of the interiority of the optimal solution...

This paper describes how a child allowance policy and income transfer to older people policy alter fertility and economic growth under a pay-as-you-go pension system. Moreover, this paper presents ways to finance such policies: one for income taxation and the other for consumption tax. The...

In this paper we propose a pension policy that would isolate the social security system from any financial crisis resulting from changes in population structure. This policy consists of linking social security benefits to the fertility behaviour of the individual. We present a theoretical...

In a number of countries one observes a steady decline in defined benefits pensions schemes,public or private, funded or unfunded, and a simultaneous expansion of defined contributionsplans. One of the consequences of this trend is to deprive individuals at the time of theirretirement from the...