The purpose of this study is to explore the effects of exogenous social security system parameters on welfare. The set up is an overlapping generations economy, with skills heterogeneity, which distinguishes consumers between high and low skilled. The lowskilled receive an extra supplement...

This paper explores the partial equilibrium effects of the social security system in an overlapping generations economy, where individuals are distinguished according to their skills/productivity type. The emphasis is placed on building a parameterized model of the social security system in a...

The paper investigates the impact of international migration on public pay-as-you-go pension systems. It first develops a theoretical framework to analyse the effects of migration on the labour market. The model allows for heterogeneity across individuals and for migration to affect both the...