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Wage Risk and Employment Risk Over the Life Cycle

Low, Hamish; Meghir, Costas; Pistaferri, Luigi - C.E.P.R. Discussion Papers - 2007

unemployment insurance which provides (partial) insurance against employment risk and no insurance against persistent shocks. …

Persistent link: https://www.econbiz.de/10005123649

Personal Pensions with Risk sharing: Affordable, Adequate and Stable Private Pensions in Europe

Bovenberg, A Lans; Nijman, Theo E - C.E.P.R. Discussion Papers - 2015

Private pension provision faces the challenging task of providing stable income streams during retirement. The challenge has increased markedly in the last decades due to volatile financial markets, falling interest rates and the withdrawal of employers and external insurers as risk bearers of...

Persistent link: https://www.econbiz.de/10011252616

A Model of the Consumption Response to Fiscal Stimulus Payments

Kaplan, Greg; Violante, Giovanni L - C.E.P.R. Discussion Papers - 2011

A wide body of empirical evidence, based on randomized experiments, finds that 20-40 percent of fiscal stimulus payments (e.g. tax rebates) are spent on non-durable household consumption in the quarter that they are received. We develop a structural economic model to interpret this evidence. Our...

Persistent link: https://www.econbiz.de/10009293985

Pareto Improving Social Security Reform when Financial Markets Are Incomplete

Krueger, Dirk; Kübler, Felix - C.E.P.R. Discussion Papers - 2005

This paper studies an overlapping generations model with stochastic production and incomplete markets to assess whether the introduction of an unfunded social security system leads to a Pareto improvement. When returns to capital and wages are imperfectly correlated a system that endows retired...

Persistent link: https://www.econbiz.de/10005123907

Heterogeneous Responses and Aggregate Impact of the 2001 Income Tax Rebates

Misra, Kanishka; Surico, Paolo - C.E.P.R. Discussion Papers - 2011

This paper estimates the heterogeneous responses to the 2001 income tax rebates across endogenously determined groups of American households. Around 45% of the sample saved the entire value of the rebate. Another 20%, with low income and liquid wealth, spent a significant amount. The largest...

Persistent link: https://www.econbiz.de/10008925717

Consumption, Income Changes and Heterogeneity: Evidence from Two Fiscal Stimulus Programmes

Misra, Kanishka; Surico, Paolo - C.E.P.R. Discussion Papers - 2013

Almost half of American families did not adjust their consumption following receipt of the 2001 or 2008 tax rebates. Another 20%, with low income and more likely to rent, spent a small but significant amount. Households with large spending propensity held high mortgage debt. The heterogeneity is...

Persistent link: https://www.econbiz.de/10011083341

The Wealthy Hand-to-Mouth

Kaplan, Greg; Violante, Giovanni L; Weidner, Justin - C.E.P.R. Discussion Papers - 2014

The wealthy hand-to-mouth are households who hold little or no liquid wealth (cash, checking, and savings accounts), despite owning sizable amounts of illiquid assets (assets that carry a transaction cost, such as housing or retirement accounts). We use survey data on household portfolios for...

Persistent link: https://www.econbiz.de/10011084522

Wealth Effects on Consumption: Microeconometric Estimates from a New Survey of Household Finances

Bover, Olympia - C.E.P.R. Discussion Papers - 2006

This paper presents estimates of wealth effects on consumer spending using the first wave of a new survey of household finances (EFF 2002) that contains direct measures of asset holdings and consumption. A distinguishing feature of the EFF is the availability of such information from a...

Persistent link: https://www.econbiz.de/10005136617

Consumption Over the Life-Cycle

Gourinchas, Pierre-Olivier; Parker, Jonathan A - C.E.P.R. Discussion Papers - 2000

income uncertainty. The model fits the profiles quite well. In addition to providing tight estimates of the discount rate and …

Persistent link: https://www.econbiz.de/10005504201

Unemployment Fiscal Multipliers

Monacelli, Tommaso; Perotti, Roberto; Trigari, Antonella - C.E.P.R. Discussion Papers - 2010

percent of GDP generates output and unemployment multipliers respectively of about 1.2 per cent (at one year) and 0 … output multiplier whereas it can produce a realistic unemployment multiplier but only under a special parameterization …. Extending the model to strengthen the complementarity in preferences, to include unemployment benefits, real wage rigidity and …

Persistent link: https://www.econbiz.de/10008468570

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