Our first issue of the fifth volume of the JPEF features 4 research articles, an issues & policy piece and a book review section. The lead article is by Georges de Menil (PSE, Paris and Stern School, NYU), Fabrice Murtin (CREST(INSEE) and PSE, Paris) and Eytan Sheshkinski (Hebrew University of Jerusalem and Princeton University). The paper on “Planning for the Optimal Mix of Paygo Tax and Funded Savings” looks at the classical question of what the right balance is between pay-as-you-go and funded pension provision. Using a stochastic two period overlapping generations model, the authors show how optimal pension provision depends on the variances and correlations of labour earnings, return on capital and the internal rate of return on the pay-as-you-go pension system.