Fluctuations et partage entre les générations

This paper aims at studying the strategy of social transfers which conducts to the social optimum in a dynamic economy submitted to fluctuations of its fundamentals. The first section presents the different approaches of social welfare in a dynamic and intergenerational context, determines the economic trade-off for the social planner and the principles of a socially optimal transfer policy. The second section gives applications of these principles in economies with cyclical and determinist fluctuations. The last section gives a similar application in an economy with stochastic fluctuations. In these applications, one finds that the optimal social contribution rate is positively correlated with the wage share in GDP and the dependency ratio.