This paper proposes and assesses consistent multi-factor dynamic ane mortality models for longevity risk applications. The dynamics of the model produce closed-form expressions for survival curves. The framework includes an arbitrage free model specication. Importantly, the mortality model...

Inclusion of means testing into age pension programs allows governments to better direct benefits to those most in need and to control funding costs by providing flexibility to control the participation rate (extensive margin) and the benefit level (intensive margin). The former is aimed at...

This paper analyzes the political economy of growth when agents and the government have finite horizons and equilibrium growth is inefficient. A quot;representativequot; government (that is, one whose preferences reflect those of its constituents) endowed merely with the ability to tax and...

This paper analyzes the political economy of growth when agents and the government have finite horizons and equilibrium growth is inefficient. A "representative" government (i.e. one whose preferences reflect those of its constituents) endowed merely with the ability to tax and transfer can...

In this work we analyze the short- and long-run effects of fiscal austerity policies, employing an agent-based model populated by heterogeneous, boundedly-rational firms and banks. The model, in line with the family of "Keynes+Schumpeter" formalism, is able to account for a wide array of macro...

We study optimal growth under learning. We extend the Mirman-Zilcha stochastic growth results characterizing optimal programs for general utility and production functions to the case of learning. We then use recursive methods to study the effect of learning on the dynamic program by considering...