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PAYG pensions and economic cycles: exogenous versus endogenous fertility

  • Luciano Fanti
  • Luca Gori

We analyse the dynamics of an overlapping generations economy with unfunded pay-as-you-go public pensions and myopic expectations by comparing exogenous and endogenous fertility contexts. It is shown that large PAYG pensions may cause endogenous fluctuations in both cases. However, ceteris paribus, when the number of children is an economic decision variable the economy is much more prone to cyclical instability and deterministic chaos emerges.

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File URL: http://www.ec.unipi.it/documents/Ricerca/papers/2008-75.pdf
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Paper provided by Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy in its series Discussion Papers with number 2008/75.

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Date of creation: 01 Sep 2008
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Handle: RePEc:pie:dsedps:2008/75
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