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standard OLG model with frictional labor markets. Rising longevity and decreasing fertility both induce a rise in the …
Persistent link: https://www.econbiz.de/10010471698
appropriate remedy and little action. In this paper, I present a comprehensive OLG model tailored for simulation of pension …
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We examine the effect of demographic shifts on asset prices in an overlapping generations model with endogenous population dynamics. We establish a robust inverse relationship between returns and the old dependency ratio. We document the absence of a simple monotonic relationship between asset...
Persistent link: https://www.econbiz.de/10013466466
Korea's National Pension Fund (NPF) is projected to be in deficit by the 2040s and exhausted by the 2050s. Increasing contribution rates may be unaffordable, prompting consideration of structural reforms, particularly shifting from a defined benefit (DB) to a defined contribution (DC) system....
Persistent link: https://www.econbiz.de/10015191345
We study an exchange economy with overlapping generations of consumers who derive utility from consuming a non-durable commodity and housing. A banking sector offers loans to finance housing. We provide a complete characterization of the equilibrium dynamics which alternates between an expansive...
Persistent link: https://www.econbiz.de/10010308946
This paper discusses a two–sector neoclassical overlapping generations economy with intermediate and final goods in the spirit of Romer (1990). The risk averse agents engage in one of two alternative occupations: either firm-ownership in the intermediate goods sector, characterized by...
Persistent link: https://www.econbiz.de/10010262928
We incorporate Keeping-up-with-the-Joneses (KUJ) preferences into the Blanchard-Yaari (BY) framework and develop, using an AK technology, a model of balanced growth. In this context we investigate status preference, demographic, and pension policy shocks. We find that a higher degree of KUJ...
Persistent link: https://www.econbiz.de/10010264491