Essays on Pensions and Fiscal Sustainability

This thesis is a volume comprised of four independent chapters: The overarching topic of the thesis is pensions and fiscal sustainability. An overriding problematic throughout the different chapters is that of demographic ageing. This ageing process, in the form of higher longevity and lower fertility, will most certainly bring changes to the way our economic lives work, whether the individual or society at large is considered. Each chapter, described below, sheds light on issues related to: fiscal sustainability and optimal public debt levels under demographic change; reform to pension systems as a response to increased longevity; and saving behaviour for retirement - a topic which is more and more relevant, as higher longevity implies a fundamental shift in how individuals ought to save for retirement.