This chapter critically reviews the literature which explains why and under which
circumstances governments accumulate more debt than it would be consistent with optimal …

This chapter surveys the literature on the macroeconomic effects of government debt. It
begins by discussing the data on debt and deficits, including the historical time series …

This book draws on a wealth of evidence including young people's own stories, to document
how they are now faring in increasingly unequal societies like America, Britain, Australia …

The idea for this book came from the time the authors spent at the Statistics and Applied
Mathematical Sciences Institute (SAMSI) in Research Triangle Park in North Carolina …

W HY DO PEOPLE save? J. Maynard Keynes (1936) lists eight motives which we reproduce
here with one addi-tion: 1 1." To build up a reserve against unforeseen contingencies"(the …

This chapter reviews the concepts, methods, and results of studies that analyze the
incidence of taxes. The purpose of such studies is to determine how the burden of a …

This paper illustrates the technique of generational accounting, a new way to evaluate fiscal
policy that overcomes the inherent ambiguities of traditional deficit accounting. The authors …

The US population is aging. Social Security projections suggest that between 2013 and
2050, the population aged 65 and over will almost double, from 45 million to 86 million. One …

The human life-cycle has two stages of dependency—childhood and old age—separated by
a long stage of surplus production. Dependent age groups are sustained by flows of …

Sustainability of pension systems, intergeneration fiscal equity under population aging, and
accounting for health care benefits for future retirees are examples of problems that cannot …