Government Debt as Insurance against Macroeconomic Risk Is there a role for debt beyond curing overaccumulation of capital? Does dynamic efficiency and the infeasibility of debt Ponzi schemes eliminate any Pareto-improving role for a government in a competitive economy with complete markets? Is there an optimal maturity structure of public debt? Using a stochastic Diamond OLG model, we tackle t...

Dynamic Efficiency and Pareto Optimality in a Stochastic OLG Model with Production and Social Security We analyze the interaction between risk sharing and capital accumulation in a stochastic OLG model with production. We give a complete characterization of interim Pareto optimality. Our characterization also subsumes equilibria with a PAYG social security system. In a competitive equilibrium i...

Is Job Stability in the United States Falling? Reconciling Trends in the Current Population Survey and Panel Study of Income Dynamics Documenting trends in job stability over the past twenty-five years has become a controversial exercise. The two main sources of information on employer tenure, the Panel Study of Income Dynamics (PSID) and the Current Population Survey (CPS), have generally give...

The Insider-Outsider Theory: A Survey This article is an idiosyncratic survey of the insider-outsider theory, describing the vision underlying the theory, and evaluating salient contributions to the literature in the light of this vision. We also indicate what appear to have been dead-ends and red herrings in past research. The first section deals with the theory, concerning how labor turnover ...

This Discussion Paper is issued within the framework of IZA's research area 0RELOLW\ DQGG)OH[LELOLW\ RII /DERUU 0DUNHWV Any opinions expressed here are those of the author(s) and not those of the institute. Research disseminated by IZA may include views on policy, but the institute itself takes no institutional policy positions. The Institute for the Study of Labor (IZA) in Bonn is a local and ...

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