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The deployment of femtocells in a macrocell network is an economical and effective way to increase network capacity and coverage. Nevertheless, such deployment is challenging due to the presence of inter-tier and intra-tier interference, and the ad hoc operation of femtocells. Motivated by the flexible subchannel allocation capability of OFDMA, we investigate the effect of spectrum allocation in two-tier networks, where the macrocells employ closed access policy and the femtocells can operate in either open or closed access. By introducing a tractable model, we derive the success probability for each tier under different spectrum allocation and femtocell access policies. In particular, we consider joint subchannel allocation, in which the whole spectrum is shared by both tiers, as well as disjoint subchannel allocation, whereby disjoint sets of subchannels are assigned to both tiers. We formulate the throughput maximization problem subject to quality of service constraints in terms of success probabilities and per-tier minimum rates, and provide insights into the optimal spectrum allocation. Our results indicate that with closed access femtocells, the optimized joint and disjoint subchannel allocations provide the highest throughput among all schemes in sparse and dense femtocell networks, respectively. With open access femtocells, the optimized joint subchannel allocation provides the highest possible throughput for all femtocell densities.