L’objectif de cette thèse est double. Premièrement, nous analysons l’interaction entre politique monétaire et fiscale dans un cadre non-Ricardien où la politique monétaire est contrainte par la positivité des taux d’intérêt nominaux. Deuxièmement, nous étudions les implications de la dette publique sur les agrégats macroéconomiques. / The focus of this doctoral thesis is two fold. First, we analyze the interaction between monetary and fiscal policy in a non-Ricardian framework where monetary policy is constrained by the zero lower bound on nominal interest rates. Second, we investigate the implications of government debt on macroeconomic aggregates.

This thesis provides three general equilibrium overlapping generations models to analyze the macroeconomic effects of endogenous life expectancy. I find that endogenous life ex- pectancy has substantial effects on the effective discount rate, the demographic structure of the economy and productivity through the health channel, which subsquently affect human and physical capital accumulation, welfare and fiscal policy. In Chapter 1, I study the presence and magnitude of macroeconomic externalities associated with obesity. I argue that focusing solely on the economic costs on health care spending ig- nores the effects of obesity on net social security benefits caused by higher mortality among obese individuals. To estimate the size of this externality, I develop an overlapping gen- erations model with rational choice with respect to food consumption and weight as in Lakdawalla and Philipson (2009), endogeneizing life expectancy, labour productivity and health care costs. The life-time net contributions of the top 30% of the BMI distribution are negative but quantitatively small, despite the fact that the model generates substantial wealth and income inequality, consistent with the observed socioeconomic gradient of obe- sity (Baum and Ruhm, 2009), which results in lower lifetime contributions. Furthermore, I perform two policy experiments (i) eliminating childhood obesity and (ii) eliminating the VAT exemption of food consumption, both resulting in significant welfare gains, with the former eliminating the obesity externality. In Chapter 2, I study the effects of health on optimal taxation, where health affects the level of utility, the probability of survival and productivity. The results suggest that health affects optimal taxation in the Ramsey problem via three channels. First, since health is a stock that naturally deteriorates over time, the optimal level of taxation of medical spending is not constant over the life-cycle. Second, the productivity-enhancing aspect of health affects labour supply decisions over the life-cycle, where it is optimal for the government to use age-dependent labour income taxes to minimize distortions in the labour market. If the government cannot condition health care spending and labour income taxes on age, then a non-zero capital income tax can be implemented to achieve the optimal allocation. Finally, productivity growth in the medical sector which directly or indirectly affects longevity has a heterogeneous effect on each cohort, which in the absence of age-dependent taxation creates an evolutionary path of the optimal capital income taxation. In Chapter 3, I examine the macroeconomic effects of an increase in the retirement age as a response to an ageing population and deteriorating dependency ratios. An increase in retirement age induces agents to increase medical spending. Households invest in their level of health in order to be fit to work for longer, since older agents that are affected by the retirement age reform have a lower level of health and increased working hours lost due to illness. Furthermore, the higher level of health raises life expectancy, partially offsetting the effects of the retirement age reform with respect to dependency ratios.

This thesis centers its scope on the macroeconomic implications of two contemporary issues affecting welfare: the arrival of smart technologies and global control policies as sanctions. The key element that integrates these topics into the thesis is the intergenerational perspective. The thesis employs overlapping generations (OLG) models to study how smart technologies could modify long-term economic conditions and how fiscal policies are to be thought as a global matter rather than isolated decisions. The first chapter addresses the circumstances under which smart technologies may drive people out of well-compensated work. The Chapter uses a two-period OLG model comprising two type of workers, high and low-tech, and two goods –a capital intensive one and a labor intensive one. Automation, characterized as legacy code, combines with capital to give birth to a smart machine: a robot. In turn, as automation capacity grows these robots leave future workers– both high and low-tech– worse off. The lower code relative to capital increases the high-tech worker’s compensation, savings, and capital formation. However, as code accumulates, demand for high-tech labor falls, limiting younger generations’ savings and investments. Similarly, the second chapter seeks to answer whether robots raise or lower economic well-being. The setup is once again a two-period OLG. However, in this economy two goods are produced and consumed, but only one is fully automatable. Robots may be harmful except when robotic productivity is high enough that induces a virtuous circle of rising wages, savings, and output, producing the open-ended constant growth of an AK model. Additionally, a government transfer can turn an increase in robotic productivity into a long-term welfare improvement for future generations. Finally, the third chapter develops a large-scale multi-country OLG model to address the fiscal implications of global sanctions to a country –namely Russia. The model is uniquely suited to understanding the long-term effect of different trade and fiscal regimes. The sanctioned country responds either by seizing foreign assets, or imposing capital controls, policies that might hurt the sanctioning countries. In all scenarios, except for the most benign, all generations alive at the time are made worse off in the sanctioned country.

Chapter 1 Low-skilled Migration and Altruism: Population ageing has become a common concern among welfare states, including Canada and most of the OECD countries. Immigration has been identified as a solution to help sustain labour-force growth in industrialized countries, and as the factor most able to mitigate dire predictions of future fiscal imbalances. This chapter examines the impact of low-skilled immigration in a host country where households are altruists with a pay-as-you-go pension system to support the elderly. It demonstrates that low-skilled immigration does not harm the welfare of the domestic population. We use an overlapping-generations model similar to the work of Razin and Sadka (2000) but introduce paternalistic altruism into the life-cycle framework. Within this context of inter-generational altruism and pay-as-you-go pension systems, the initial negative fiscal impact of low-skilled migrants is compensated, thus, all income groups (high and low) and all age groups (young and old) benefit from migration. // Chapter 2 Growth and Sustainability: In light of the major environmental issues experienced by several countries in the last decades, several papers have advocated the rethinking of the role of governments in environmental preservation. This chapter develops an overlapping-generations model of environmental quality and production and investigates the potential role of governmental participation in the preservation of the quality of the environment so as to achieve both economic growth and environmental sustainability. The analysis suggests that long term economic growth and environment sustainability can be maintained with tax-funded environmental programs in a context of a negative production externality on the quality of the environment. // Chapter 3 The Incidence of Geography on Canada’s Services Trade: We estimate geographic barriers to export trade in nine service categories for Canada's provinces from 1997 to 2007 using the structural gravity model. Constructed Home, Domestic and Foreign Bias indexes capture the direct plus indirect effect of services trade costs on intra-provincial, inter-provincial and international trade relative to their frictionless benchmarks. Barriers to services international trade are huge relative to inter-provincial trade and large relative to goods international trade. A novel test confirms the fit of structural gravity with services trade data.

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Chapter 1 Low-skilled Migration and Altruism: Population ageing has become a common concern among welfare states, including Canada and most of the OECD countries. Immigration has been identified as a solution to help sustain labour-force growth in industrialized countries, and as the factor most able to mitigate dire predictions of future fiscal imbalances. This chapter examines the impact of low-skilled immigration in a host country where households are altruists with a pay-as-you-go pension system to support the elderly. It demonstrates that low-skilled immigration does not harm the welfare of the domestic population. We use an overlapping-generations model similar to the work of Razin and Sadka (2000) but introduce paternalistic altruism into the life-cycle framework. Within this context of inter-generational altruism and pay-as-you-go pension systems, the initial negative fiscal impact of low-skilled migrants is compensated, thus, all income groups (high and low) and all age groups (young and old) benefit from migration. // Chapter 2 Growth and Sustainability: In light of the major environmental issues experienced by several countries in the last decades, several papers have advocated the rethinking of the role of governments in environmental preservation. This chapter develops an overlapping-generations model of environmental quality and production and investigates the potential role of governmental participation in the preservation of the quality of the environment so as to achieve both economic growth and environmental sustainability. The analysis suggests that long term economic growth and environment sustainability can be maintained with tax-funded environmental programs in a context of a negative production externality on the quality of the environment. // Chapter 3 The Incidence of Geography on Canada’s Services Trade: We estimate geographic barriers to export trade in nine service categories for Canada's provinces from 1997 to 2007 using the structural gravity model. Constructed Home, Domestic and Foreign Bias indexes capture the direct plus indirect effect of services trade costs on intra-provincial, inter-provincial and international trade relative to their frictionless benchmarks. Barriers to services international trade are huge relative to inter-provincial trade and large relative to goods international trade. A novel test confirms the fit of structural gravity with services trade data.

Chapter 1 Low-skilled Migration and Altruism: Population ageing has become a common concern among welfare states, including Canada and most of the OECD countries. Immigration has been identified as a solution to help sustain labour-force growth in industrialized countries, and as the factor most able to mitigate dire predictions of future fiscal imbalances. This chapter examines the impact of low-skilled immigration in a host country where households are altruists with a pay-as-you-go pension system to support the elderly. It demonstrates that low-skilled immigration does not harm the welfare of the domestic population. We use an overlapping-generations model similar to the work of Razin and Sadka (2000) but introduce paternalistic altruism into the life-cycle framework. Within this context of inter-generational altruism and pay-as-you-go pension systems, the initial negative fiscal impact of low-skilled migrants is compensated, thus, all income groups (high and low) and all age groups (young and old) benefit from migration. // Chapter 2 Growth and Sustainability: In light of the major environmental issues experienced by several countries in the last decades, several papers have advocated the rethinking of the role of governments in environmental preservation. This chapter develops an overlapping-generations model of environmental quality and production and investigates the potential role of governmental participation in the preservation of the quality of the environment so as to achieve both economic growth and environmental sustainability. The analysis suggests that long term economic growth and environment sustainability can be maintained with tax-funded environmental programs in a context of a negative production externality on the quality of the environment. // Chapter 3 The Incidence of Geography on Canada’s Services Trade: We estimate geographic barriers to export trade in nine service categories for Canada's provinces from 1997 to 2007 using the structural gravity model. Constructed Home, Domestic and Foreign Bias indexes capture the direct plus indirect effect of services trade costs on intra-provincial, inter-provincial and international trade relative to their frictionless benchmarks. Barriers to services international trade are huge relative to inter-provincial trade and large relative to goods international trade. A novel test confirms the fit of structural gravity with services trade data.

This thesis presents two chapters on credence goods and one on ongoing partnerships in an infinitely repeated game. The chapters on credence goods focus on the welfare and efficiency of equilibria in overcharging models of credence goods, something which has not been explicitly addressed before. The chapter on partnerships presents a theory explaining ongoing partnerships as solving a commitment problem for clients. There is a small literature on partnerships, and this chapter represents a novel but complimentary approach to that literature. At core, chapters 2, 3 and 4 of this thesis ask the following questions respectively: Do competition and information increase welfare in credence goods markets? How do customers in credence goods markets discipline experts from committing fraud? Can these strategies be welfare ranked? Why do ongoing partnerships exist? What problem do they solve?