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Public Pensions and Growth
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Cited by:
- Chen Hung-Ju & Miyazaki Koichi, 2022.
"Pay-as-You-Go Social Security and Educational Subsidy in an Overlapping Generations Model with Endogenous Fertility and Endogenous Retirement,"
The B.E. Journal of Macroeconomics, De Gruyter, vol. 22(2), pages 787-820, June.
- Chen, Hung-Ju & Miyazaki, Koichi, 2021. "Pay-as-you-go social security and educational subsidy in an overlapping generations model with endogenous fertility and endogenous retirement," MPRA Paper 110626, University Library of Munich, Germany.
- Heinrich Hock & David Weil, 2012.
"On the dynamics of the age structure, dependency, and consumption,"
Journal of Population Economics, Springer;European Society for Population Economics, vol. 25(3), pages 1019-1043, July.
- David Weil & Heinrich Hock, 2006. "The Dynamics of the Age Structure, Dependency, and Consumption," Working Papers 2006-08, Brown University, Department of Economics.
- Heinrich Hock & David N. Weil, 2006. "The Dynamics of the Age Structure, Dependency, and Consumption," NBER Working Papers 12140, National Bureau of Economic Research, Inc.
- Heinrich Hock & David N. Weil, 2012. "The Dynamics of the Age Structure, Dependency, and Consumption," Mathematica Policy Research Reports 6b415b5dd13e4bd889d024550, Mathematica Policy Research.
- Michele BOLDRIN & Mariacristina DE NARDI & Larry E. JONES, 2015.
"Fertility and Social Security,"
JODE - Journal of Demographic Economics, Cambridge University Press, vol. 81(3), pages 261-299, September.
- Boldrin, Michele & De Nardi, Mariacristina & Jones, Larry E., 2015. "Fertility And Social Security," Journal of Demographic Economics, Cambridge University Press, vol. 81(3), pages 261-299, September.
- Michele Boldrin & Mariacristina De Nardi & Larry E. Jones, 2005. "Fertility and Social Security," Staff Report 359, Federal Reserve Bank of Minneapolis.
- Michele Boldrin & Maria Cristina De Nardi & Larry E. Jones, 2005. "Fertility and Social Security," Levine's Bibliography 666156000000000506, UCLA Department of Economics.
- Michele Boldrin & Mariacristina De Nardi & Larry E. Jones, 2005. "Fertility and Social Security," NBER Working Papers 11146, National Bureau of Economic Research, Inc.
- Cipriani, Giam Pietro & Pascucci, Francesco, 2020.
"Pension policies in a model with endogenous fertility,"
Journal of Pension Economics and Finance, Cambridge University Press, vol. 19(1), pages 109-125, January.
- Cipriani, Giam Pietro & Pascucci, Francesco, 2018. "Pension Policies in a Model with Endogenous Fertility," IZA Discussion Papers 11511, Institute of Labor Economics (IZA).
- Meier, Volker & Wrede, Matthias, 2010.
"Pensions, fertility, and education,"
Journal of Pension Economics and Finance, Cambridge University Press, vol. 9(1), pages 75-93, January.
- Volker Meier & Matthias Wrede, 2005. "Pension, Fertility, and Education," CESifo Working Paper Series 1521, CESifo.
- Meier, Volker & Wrede, Matthias, 2010. "Pensions, fertility, and education," Munich Reprints in Economics 19214, University of Munich, Department of Economics.
- Yang, Zaigui, 2007. "Partially Funded Pension, Fertility and Endogenous Growth," MPRA Paper 18681, University Library of Munich, Germany.
- Ken Tabata, 2015. "Population Aging and Growth: the Effect of PAYG Pension Reform," Discussion Paper Series 125, School of Economics, Kwansei Gakuin University, revised Jan 2015.
- Johannes Holler, 2008. "On the Role of Pension Systems in Economic Development and Demographic Transition," Vienna Economics Papers vie0812, University of Vienna, Department of Economics.
- Yasuoka, Masaya, 2018. "How Should A Government Finance for Pension Benefit?," MPRA Paper 87483, University Library of Munich, Germany.
- Luciano Fanti & Luca Gori, 2014.
"Endogenous fertility, endogenous lifetime and economic growth: the role of child policies,"
Journal of Population Economics, Springer;European Society for Population Economics, vol. 27(2), pages 529-564, April.
- Fanti, Luciano & Gori, Luca, 2010. "Endogenous fertility, endogenous lifetime and economic growth: the role of child policies," MPRA Paper 26146, University Library of Munich, Germany.
- Fanti, Luciano & Gori, Luca, 2013. "Endogenous fertility, endogenous lifetime and economic growth: the role of child policies," MPRA Paper 44898, University Library of Munich, Germany.
- Luciano Fanti & Luca Gori, 2012.
"Fertility and PAYG pensions in the overlapping generations model,"
Journal of Population Economics, Springer;European Society for Population Economics, vol. 25(3), pages 955-961, July.
- Fanti, Luciano & Gori, Luca, 2010. "Fertility and PAYG pensions in the overlapping generations model," MPRA Paper 25811, University Library of Munich, Germany.
- Bruce, Neil & Turnovsky, Stephen J., 2013. "Social security, growth, and welfare in overlapping generations economies with or without annuities," Journal of Public Economics, Elsevier, vol. 101(C), pages 12-24.
- Robert Fenge & Volker Meier, 2005.
"Pensions and fertility incentives,"
Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 38(1), pages 28-48, February.
- Robert Fenge & Volker Meier, 2005. "Pensions and fertility incentives," Canadian Journal of Economics, Canadian Economics Association, vol. 38(1), pages 28-48, February.
- Robert Fenge & Volker Meier, 2003. "Pensions and Fertility Incentives," CESifo Working Paper Series 879, CESifo.
- Fenge, Robert & Meier, Volker, 2005. "Pensions and Fertility Incentives," Munich Reprints in Economics 20343, University of Munich, Department of Economics.
- Yang Zaigui, 2005.
"Pay-As-You-Go Public Pension Systems: Two-sided Altruism and Endogenous Growth,"
Asia-Pacific Journal of Risk and Insurance, De Gruyter, vol. 1(1), pages 1-13, June.
- Yang, Zaigui, 2005. "Pay-As-You-Go Public Pension Systems: Two-Sided Altruism and Endogenous Growth," MPRA Paper 18623, University Library of Munich, Germany.
- Isaac Ehrlich & Jinyoung Kim, 2005. "Social Security, Demographic Trends, and Economic Growth: Theory and Evidence from the International Experience," NBER Working Papers 11121, National Bureau of Economic Research, Inc.
- Yasuoka, Masaya & Goto, Naohisa, 2011.
"Pension and child care policies with endogenous fertility,"
Economic Modelling, Elsevier, vol. 28(6), pages 2478-2482.
- Masaya Yasuoka & Naohisa Goto, 2009. "Pension and Child Care Policies with Endogenous Fertility," Global COE Hi-Stat Discussion Paper Series gd09-054, Institute of Economic Research, Hitotsubashi University.
- Luciano Fanti & Luca Gori, 2013.
"Fertility-related pensions and cyclical instability,"
Journal of Population Economics, Springer;European Society for Population Economics, vol. 26(3), pages 1209-1232, July.
- Fanti, Luciano & Gori, Luca, 2010. "Fertility-related pensions and cyclical instability," MPRA Paper 20221, University Library of Munich, Germany.
- Francisco Climent Diranzo & Robert Meneu Gaya, "undated". "Relaciones de equilibrio entre demografía y crecimiento económico en Espana," Studies on the Spanish Economy 163, FEDEA.
- Weizsäcker, Robert K. von & Wigger, Berthold U., 2001. "Rentenfinanzierung und intergenerationelle Gerechtigkeit : Eine wachstumstheoretische Perspektive," Discussion Papers 606, Institut fuer Volkswirtschaftslehre und Statistik, Abteilung fuer Volkswirtschaftslehre.
- Chen Hung-Ju & Miyazaki Koichi, 2018. "Fertility and labor supply of the old with pay-as-you-go pension and child allowances," The B.E. Journal of Macroeconomics, De Gruyter, vol. 18(1), pages 1-19, January.
- Cipriani, Giam Pietro, 2018.
"Aging, Retirement, And Pay-As-You-Go Pensions,"
Macroeconomic Dynamics, Cambridge University Press, vol. 22(5), pages 1173-1183, July.
- Cipriani, Giam Pietro, 2016. "Aging, Retirement and Pay-As-You-Go Pensions," IZA Discussion Papers 9969, Institute of Labor Economics (IZA).
- Damjanovic, Tatiana, 2003. "The possibility of Pareto-Improving Pension Reform: More Arguments," Royal Economic Society Annual Conference 2003 53, Royal Economic Society.
- Giam Cipriani, 2014.
"Population aging and PAYG pensions in the OLG model,"
Journal of Population Economics, Springer;European Society for Population Economics, vol. 27(1), pages 251-256, January.
- Cipriani, Giam Pietro, 2013. "Population Ageing and PAYG Pensions in the OLG Model," IZA Discussion Papers 7144, Institute of Labor Economics (IZA).
- Lei He & Zhengqi Wang, 2023. "The interaction effects of rising life expectancy and the public pension burden on aggregate savings and economic growth," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 22(2), pages 229-250, May.
- Vincenzo Galasso & Roberta Gatti & Paola Profeta, 2009.
"Investing for the old age: pensions, children and savings,"
International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 16(4), pages 538-559, August.
- Galasso, Vincenzo & Gatti, Roberta & Profeta, Paola, 2008. "Investing for the old age : pensions, children and savings," Social Protection Discussion Papers and Notes 47101, The World Bank.
- Galasso, Vincenzo & Profeta, Paola & Gatti, Roberta, 2008. "Investing for the Old Age: Pensions, Children and Savings," CEPR Discussion Papers 6825, C.E.P.R. Discussion Papers.
- Chen, Hung-Ju, 2016. "Fertility, Retirement Age, and PAYG Pensions," MPRA Paper 69819, University Library of Munich, Germany.
- Masatoshi Jinno & Masaya Yasuoka, 2016.
"Are the social security benefits of pensions or child-care policies best financed by a consumption tax?,"
Business and Economic Horizons (BEH), Prague Development Center, vol. 12(3), pages 94-112, September.
- Jinno, Masatoshi & Yasuoka, Masaya, 2016. "Are the social security benefits of pensions or child-care policies best financed by a consumption tax?," Business and Economic Horizons (BEH), Prague Development Center (PRADEC), vol. 12(3).
- Jinno, Masatoshi & Yasuoka, Masaya, 2016. "Are the social security benefits of pensions or child-care policies best financed by a consumption tax?," MPRA Paper 75652, University Library of Munich, Germany.
- Concepció Patxot & Elisenda Rentería & Miguel Romero & Guadalupe Souto, 2012.
"Measuring the balance of government intervention on forward and backward family transfers using NTA estimates: the modified Lee arrows,"
International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 19(3), pages 442-461, June.
- Concepció Patxot & Elisenda Renteria & Miguel Sánchez Romero & Guadalupe Souto, 2012. "Measuring the balance of government intervention on forward and backward family transfers using NTA estimates: the modified Lee Arrows," MPIDR Working Papers WP-2012-015, Max Planck Institute for Demographic Research, Rostock, Germany.
- Gemma Abio, 2003.
"Interiority of the optimal population growth rate with endogenous fertility,"
Economics Bulletin, AccessEcon, vol. 10(4), pages 1-7.
- Gemma Abio Roig, 2003. "Interiority of the Optimal Population Growth Rate with Endogenous Fertility," Working Papers in Economics 96, Universitat de Barcelona. Espai de Recerca en Economia.
- Siew Ling Yew & Jie Zhang, 2018.
"Health spending, savings and fertility in a lifecycle-dynastic model with longevity externalities,"
Canadian Journal of Economics, Canadian Economics Association, vol. 51(1), pages 186-215, February.
- Siew Ling Yew & Jie Zhang, 2018. "Health spending, savings and fertility in a lifecycle‐dynastic model with longevity externalities," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 51(1), pages 186-215, February.
- Chen, Hung-Ju, 2015. "Fertility, Official Pension Age, and PAYG Pensions," MPRA Paper 66429, University Library of Munich, Germany.
- Andreas Irmen & Berthold U. Wigger, 2002.
"Trade Union Objectives and Economic Growth,"
FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 59(1), pages 49-67, February.
- Andreas Irmen & Berthold U. Wigger, 2000. "Trade Union Objectives and Economic Growth," CSEF Working Papers 34, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
- Irmen, Andreas & Wigger, Berthold, 2001. "Trade Union Objectives and Economic Growth," CEPR Discussion Papers 3027, C.E.P.R. Discussion Papers.
- Andreas Irmen & Berthold U. Wigger, 2001. "Trade Union Objectives and Economic Growth," CESifo Working Paper Series 551, CESifo.
- Ko Shakuno, 2014. "Public education, endogenous fertility and economic growth," TERG Discussion Papers 319, Graduate School of Economics and Management, Tohoku University.
- Schönfelder, Bruno & Wild, Frank, 2013. "Volkswirtschaftliche Wirkungen der Alterungsrückstellungen in der Privaten Kranken- und Pflegeversicherung," WIP-Analysen August 2013, WIP – Wissenschaftliches Institut der PKV.
- Masatoshi Jinno & Masaya Yasuoka, 2016. "Tax System, Replacement Rate of Pension and Child Allowance," Applied Economics and Finance, Redfame publishing, vol. 3(3), pages 148-157, August.
- Yang Zaigui, 2012. "Urban Public Pension and Economic Growth in China," Asia-Pacific Journal of Risk and Insurance, De Gruyter, vol. 6(2), pages 1-16, June.
- Luciano Fanti & Luca Gori, 2012. "Public Expenditure on Health and Private Old-Age Insurance in an OLG Growth Model with Endogenous Fertility: Chaotic Dynamics Under Perfect Foresight," Computational Economics, Springer;Society for Computational Economics, vol. 40(4), pages 333-353, December.
- Stauvermann, Peter J. & Ky, Sereyvath & Nam, Gi-Yu, 2013. "The Costs of Increasing the Fertility Rate in an Endogenous Growth Model," MPRA Paper 46381, University Library of Munich, Germany.
- Fanti, Luciano & Gori, Luca, 2010. "Public expenditure on health and private old-age insurance in an OLG growth model with endogenous fertility: chaotic cycles under perfect foresight," MPRA Paper 23697, University Library of Munich, Germany.
- Masaya Yasuoka, 2014. "Child-care Policies and Pension in an Endogenous Fertility Model," Discussion Paper Series 114, School of Economics, Kwansei Gakuin University, revised Jan 2014.
- Peter J. Stauvermann & Ronald R. Kumar, 2016. "Sustainability of A Pay-as-you-Go Pension System in A Small Open Economy with Ageing, Human Capital and Endogenous Fertility," Metroeconomica, Wiley Blackwell, vol. 67(1), pages 2-20, February.
- Cigno, A., 2016.
"Conflict and Cooperation Within the Family, and Between the State and the Family, in the Provision of Old-Age Security,"
Handbook of the Economics of Population Aging, in: Piggott, John & Woodland, Alan (ed.), Handbook of the Economics of Population Aging, edition 1, volume 1, chapter 0, pages 609-660,
Elsevier.
- Alessandro Cigno, 2014. "Conflict and Cooperation within the Family, and between the State and the Family, in the Provision of Old-Age Security," CHILD Working Papers Series 22, Centre for Household, Income, Labour and Demographic Economics (CHILD) - CCA.
- Giam Pietro Cipriani & Miltiadis Makris, 2012.
"Payg Pensions And Human Capital Accumulation: Some Unpleasant Arithmetic,"
Manchester School, University of Manchester, vol. 80(4), pages 429-446, July.
- Giam Pietro Cipriani & Miltiadis Makris, 2009. "PAYG Pensions and Human Capital Accumulation: Some Unpleasant Arithmetic," CHILD Working Papers wp19_09, CHILD - Centre for Household, Income, Labour and Demographic economics - ITALY.
- Akira Yakita, 2017.
"Life Expectancy, Money, and Growth,"
Population Economics, in: Population Aging, Fertility and Social Security, chapter 0, pages 13-26,
Springer.
- Akira Yakita, 2006. "Life expectancy, money, and growth," Journal of Population Economics, Springer;European Society for Population Economics, vol. 19(3), pages 579-592, July.
- Filoso, Valerio & Papagni, Erasmo, 2015.
"Fertility choice and financial development,"
European Journal of Political Economy, Elsevier, vol. 37(C), pages 160-177.
- Filoso, Valerio & Papagni, Erasmo, 2010. "Fertility Choice and Financial Development," MPRA Paper 25930, University Library of Munich, Germany.
- Valerio Filoso & Erasmo Papagni, 2011. "Fertility Choice and Financial Development," EERI Research Paper Series EERI_RP_2011_02, Economics and Econometrics Research Institute (EERI), Brussels.
- Filoso, Valerio & Papagni, Erasmo, 2014. "Fertility Choice and Financial Development," MPRA Paper 58237, University Library of Munich, Germany.
- Brent Berry, 2008. "Financial Transfers from Living Parents to Adult Children: Who Is Helped and Why?," American Journal of Economics and Sociology, Wiley Blackwell, vol. 67(2), pages 207-239, April.
- Zou, Tieding, 2013. "公平与效率的两难抉择——关于养老改革影响因素的一个文献综述 [The Dilemma Between Efficiency and Equity——A Literature Review for the Affecting Factors of Pension Reforming]," MPRA Paper 49578, University Library of Munich, Germany, revised 29 Aug 2013.
- Wei-Bin Zhang, 2019. "Endogenous Population In A Neoclassical Growth Model With Wealth And Time Values," Noble International Journal of Economics and Financial Research, Noble Academic Publsiher, vol. 4(5), pages 47-63, May.
- Miroslav Verbič & Rok Spruk, 2014. "Aging Population and Public Pensions: Theory and Macroeconometric Evidence," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 61(3), pages 289-316, June.
- repec:bla:econom:v:71:y:2004:i:281:p:261-273 is not listed on IDEAS
- Johannes Holler, 2008. "On the Role of Pension Systems in Economic Development and Demographic Transition," Vienna Economics Papers 0812, University of Vienna, Department of Economics.
- Mark C. Kelly, 2022. "Growth and Welfare Implications of Mortality Differentials in Unfunded Social Security Systems," Public Finance Review, , vol. 50(2), pages 206-235, March.
- Yasuoka, Masaya, 2018. "Endogenous Fertility and Pension System," MPRA Paper 86131, University Library of Munich, Germany.
- Johannes Holler, 2007. "Pension Systems and their Influence on Fertility and Growth," Vienna Economics Papers vie0704, University of Vienna, Department of Economics.
- Verbič, Miroslav & Spruk, Rok, 2011. "Aging population and public pensions: theory and evidence," MPRA Paper 38914, University Library of Munich, Germany.
- Miriam Steurer, 2009. "Fertility Decisions and the Sustainability of Defined Benefit Pay-as-You-Go Pension Systems," Discussion Papers 2009-06, School of Economics, The University of New South Wales.
- Chen, Hung-Ju, 2015. "Fertility and PAYG Pensions in an Overlapping Generations Model with Endogenous Retirement," MPRA Paper 68020, University Library of Munich, Germany.
- Fanti, Luciano & Gori, Luca, 2010. "Economic growth and stability with public PAYG pensions and private intra-family old-age insurance," MPRA Paper 20727, University Library of Munich, Germany.
- Wei-Bin Zhang, 2017. "Economic Development and Environmental Change with Endogenous Birth and Mortality Rates," Asian Journal of Economic Modelling, Asian Economic and Social Society, vol. 5(1), pages 77-97, March.
- Robert Stelter, 2016. "Fertility and health insurance types in Germany," LIDAM Discussion Papers IRES 2016021, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
- Johannes Holler, 2007. "Pension Systems and their Influence on Fertility and Growth," Vienna Economics Papers 0704, University of Vienna, Department of Economics.
- Debus Martin & Michaelis Jochen, 2006. "Ausbildung, Erwerbsphase, Renteneintrittdemografischer Wandel und optimale Zeitallokation im Lebenszyklus / Education, Working Period, Retirement - Demographic Change and Optimal Time Allocation Withi," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 226(6), pages 611-628, December.
- Masaya Yasuoka, 2021. "How should a government finance pension benefits?," Australian Economic Papers, Wiley Blackwell, vol. 60(1), pages 138-152, March.
- Zhao Zhang & Caoyuan Ma & Aiping Wang, 2023. "Environmental Governance, Public Health Expenditure, and Economic Growth: Analysis in an OLG Model," IJERPH, MDPI, vol. 20(4), pages 1-21, February.
- repec:ebl:ecbull:v:10:y:2008:i:7:p:1-6 is not listed on IDEAS
- Koichi Miyazaki, 2013. "Pay-as-you-go social security and endogenous fertility in a neoclassical growth model," Journal of Population Economics, Springer;European Society for Population Economics, vol. 26(3), pages 1233-1250, July.
- Masaya Yasuoka, 2018. "Fertility and education investment incentive with a pay-as-you-go pension," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 8(1), pages 37-50, April.
- Peter J. Stauvermann, 2013. "How a Pay-As-You-Go Pension System Can Lead To a Pareto Improvement in an OLG Model with Endogenous Fertility," Economic Research Guardian, Weissberg Publishing, vol. 3(1), pages 61-69, June.
- Masaya Yasuoka, 2013. "Can Child-Care Support Policies Halt Decreasing Fertility?," International Journal of Economics and Financial Issues, Econjournals, vol. 3(2), pages 409-419.
- Michele Gragnolati & Ole Hagen Jorgensen & Romero Rocha & Anna Fruttero, 2011. "Growing Old in an Older Brazil : Implications of Population Ageing on Growth, Poverty, Public Finance, and Service Delivery," World Bank Publications - Books, The World Bank Group, number 2351.
- Takashi Oshio & Masaya Yasuoka, 2009. "Maximum size of social security in a model of endogenous fertility," Economics Bulletin, AccessEcon, vol. 29(2), pages 644-654.
- Wei-Bin Zhang, 2014. "Endogenous population with human and physical capital accumulation," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 61(3), pages 231-252, September.
- Zhang W.B., 2015. "Birth And Mortality Rates, Gender Division Of Labor, And Time Distribution In The Solow Growth Model," Revista Galega de Economía, University of Santiago de Compostela. Faculty of Economics and Business., vol. 24(1), pages 121-134.
- Richter, Wolfram F. & Braun, Christoph, 2009.
"Efficient Subsidization of Human Capital Accumulation with Overlapping Generations and Endogenous Growth,"
IZA Discussion Papers
4629, Institute of Labor Economics (IZA).
- Wolfram F. Richter & Christoph Braun, 2010. "Efficient Subsidization of Human Capital Accumulation with Overlapping Generations and Endogenous Growth," CESifo Working Paper Series 2982, CESifo.
- Cipriani, Giam Pietro & Fioroni, Tamara, 2021.
"Endogenous Demographic Change, Retirement, And Social Security,"
Macroeconomic Dynamics, Cambridge University Press, vol. 25(3), pages 609-631, April.
- Cipriani, Giam Pietro & Fioroni, Tamara, 2019. "Endogenous Demographic Change, Retirement and Social Security," IZA Discussion Papers 12244, Institute of Labor Economics (IZA).
- Komura, Mizuki & Ogawa, Hikaru, 2014. "Pension and the Family," IZA Discussion Papers 8479, Institute of Labor Economics (IZA).
- John William Hatfield, 2008. "Backward Intergenerational Goods and Endogenous Fertility," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 10(5), pages 765-784, October.
- Rodrigo Cerda, 2005. "On social security financial crisis," Journal of Population Economics, Springer;European Society for Population Economics, vol. 18(3), pages 509-517, September.
- Luciano Fanti & Luca Gori, 2008. "PAYG pensions and economic cycles: exogenous versus endogenous fertility," Discussion Papers 2008/75, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.