Macroeconomics is evolving from the study of aggregate dynamics to the study of the
dynamics of the entire equilibrium distribution of allocations across individual economic …

Macroeconomics at the intermediate and graduate levels rests on three workhorses: the
Solow-Swan model, the overlapping generations (OLG) model, and the Ramsey model. The …

This paper analyzes the quantitative role of idiosyncratic uncertainty in an economy in which
rational agents vote on hypothetical social security reforms. We find that the role of a pay-as …

Over the last 50 years the US tax system went through a striking transformation that reduced
the effective tax rates for top income groups and raised transfers to seniors. This paper …

This paper presents empirical evidence and a theoretical foundation in favor of the view that
the retirement age decision affects older workers' employment prior to retirement. To the …

How sustainable are the current social security systems in the developed economies, given
the projected demographic trends? The most recent literature has answered this question …

Earnings heterogeneity plays a crucial role in modern macroeconomics. We document that
mean earnings and measures of earnings dispersion and skewness all increase in US data …

How effective is a more progressive tax scheme in raising revenues? We answer this
question in a life-cycle economy with heterogeneity across households and endogenous …

We study the reform of the Spanish public pension system in a multiperiod, general
equilibrium, overlapping generations model economy populated by heterogeneous …

This paper surveys recent advances in the field of computable general and partial
equilibrium models dealing with pension issues that take into account various aspects of …