Social security programs generally seek to provide insurance and to reduce poverty and inequality. Providing insurance requires little redistribution. But reducing inequality and alleviating poverty do require redistribution. To reduce inequality, programs must redistribute income, but...

It is well-known that individuals born in different periods of time (cohorts)exhibit different wealth accumulation paths. While previous studies have usedcohort dummies to proxy for this fact, research in this area suffers from aserious identification problem, i.e., how to disentangle age, time,...

We analyze the interaction between risk sharing and capital accumulation in a stochastic OLG model with production. We give a complete characterization of interim Pareto optimality. Our characterization also subsumes equilibria with a PAYG social security system. In a competitive equilibrium...

The paper presents new findings on a specific 'gendered' problem resulting from 'activation policies' and a certain group of unemployed which has been widely neglected so far in public and academic discourse although it is both quantitatively significant and reveals systematic failures of...