Assume that households 

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appendix derivations dsge model pdf
... . households also receive a profits made by actuarial insurance firms, pt d na+t-1,t-1 nt-1 divai t , where we assume proportional to actuarial note holdings. we assume that households ... receive a dividend. we also assume that households have actuarial insurance on their real money holdings. this 4 ensures that the real money holdings of deceased' households are also redistributed to the surviving ...
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... . rust (1989), rust and phelan (1997) and heyma (2004) assume that households cannot borrow or save. this last assumption is equivalent to assuming that consumption at any time t equals income yt at time ... current time t, for which h(t) 0. next, assume that the pension fund adjusts replacement rates according to some discount factor , so that from its own viewpoint the scheme is actuarially fair ...
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