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On Sustainable Pay-As-You-Go Systems
Demange, Gabrielle - C.E.P.R. Discussion Papers - 2005
An unfunded Social Security system faces a major risk, sometimes referred to as ‘political risk’. In order to account … properly for this risk, the paper considers a political process in which the support to the system is asked from each newborn …-generational redistribution, risk aversion, financial markets, governmental debt- on the political sustainability of a pay-as-you-go system is …
Persistent link: https://www.econbiz.de/10005666926
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Information Technology and the Knowledge Elites
Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2001
This Paper studies a model where Information Technology, while typically increasing overall inequality, is likely to harm some people at intermediate and high levels of the distribution of income but to benefit people at the bottom; where within a given occupation it may harm some workers while...
Persistent link: https://www.econbiz.de/10005791349
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The Economics of Human Cloning
Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2001
In this Paper, we analyse the extent to which market forces create an incentive for cloning human beings. We show that a market for cloning arises if a large enough fraction of the clone's income can be appropriated by its model. Only people with the highest ability are cloned, while people at...
Persistent link: https://www.econbiz.de/10005792154
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Intergenerational Redistribution in the Great Recession
Glover, Andrew; Heathcote, Jonathan; Krueger, Dirk; … - C.E.P.R. Discussion Papers - 2011
In this paper we construct a stochastic overlapping-generations general equilibrium model in which households are subject to aggregate shocks that affect both wages and asset prices. We use a calibrated version of the model to quantify how the welfare costs of severe recessions are distributed...
Persistent link: https://www.econbiz.de/10008915804
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Minimum Wages: Curse or Blessing?
Ravn, Morten O; Sorensen, Jan Rose - C.E.P.R. Discussion Papers - 1995
In this paper we consider the effects of minimum wage legislation in an overlapping generations model. In our model there is an intergenerational externality in the accumulation of human capital since the production of human capital of every new generation depends positively on the average human...
Persistent link: https://www.econbiz.de/10005789188
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Commercial Policy and Dynamic Adjustment Under Monopolistic Competition
Keuschnigg, Christian; Kohler, Wilhelm K. - C.E.P.R. Discussion Papers - 1994
We assess some likely consequences of commercial policy in an intertemporal CGE model of an imperfectly competitive, small open economy. Specifically, we combine an overlapping generations model of aggregate savings with capital accumulation by forward-looking investors and production under...
Persistent link: https://www.econbiz.de/10005789199
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Political Institutions, Environmental Policy and Growth
Marsiliani, Laura; Renström, Thomas I - C.E.P.R. Discussion Papers - 2004
We analyse the impact of micro-founded political institutions on environmental policy and economic growth. We model an overlapping-generations economy, where individuals differ in preferences over the environment (as well as in age). Labour taxation and capital taxation is used to finance a...
Persistent link: https://www.econbiz.de/10005791516
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Money and Growth Revisited
Alogoskoufis, George; van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 1991
The Ramsey-Romer model of endogenous growth is extended to allow for holdings of real money balances and government debt as well as capital and for non-interconnected generations of households. Tax-financed increases in government consumption and debt depress growth prospects and boost...
Persistent link: https://www.econbiz.de/10005791620
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Aging Population and Education Finance
Gradstein, Mark; Kaganovich, Michael - C.E.P.R. Discussion Papers - 2003
Conventional wisdom suggests that aging of population will increase political pressure to tilt the composition of social spending in favour of the elderly, while potentially sacrificing other publicly provided goods such as education. This view seems to be supported by recent empirical findings...
Persistent link: https://www.econbiz.de/10005792248
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Cultural Transmission and Discrimination
Sáez-Martí, Maria; Zenou, Yves - C.E.P.R. Discussion Papers - 2010
Workers can have good or bad work habits. These traits are transmitted from one generation to the next through a learning and imitation process which depends on parents' investment on the trait and the social environment where children live. We show that, if a high enough proportion of employers...
Persistent link: https://www.econbiz.de/10008468522