Eric O'N. Fisher; Roberts, Mark A. - In: FinanzArchiv: Public Finance Analysis 59 (2002) 3, pp. 371-371
This paper analyses a model of overlapping generations in which agents who are not in the labor market are unable to borrow. An increase in a fully funded pension raises aggregate savings since private savings are not crowded out one-for-one. Labor force participation is determined endogenously,...