Showing 1 - 10 of 138
friction we investigate is related to the ownership of children. If parents have no claim on their children's income, then the …) model with fertility choice and altruism, and model ownership by introducing a minimum constraint on transfers from parents … failure that may lead to inefficiently low equilibrium fertility and therefore to a need for government intervention. The …
Persistent link: https://www.econbiz.de/10008468613
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 generation. The analysis is conducted in an...
Persistent link: https://www.econbiz.de/10005666926
This paper analyses the relationship between age-specific fertility, mortality and real wages in Sweden during the … demographic transition. We take an overlapping generation’s model of life cycle fertility and fit it to actual Swedish time …-series data over the past two and a half centuries. The model fits the data well, accurately portraying the total fertility …
Persistent link: https://www.econbiz.de/10005136659
It is shown that the net fiscal externality created by an additional member of a pay-as-you-go-pension system that is endowed with individual accounts equals the gross contributions of this member. In Germany, this equals about 175,000 Deutsche marks. The paper uses this information to design a...
Persistent link: https://www.econbiz.de/10005792013
This paper explores the optimal risk sharing arrangement between generations in an overlapping generations model with endogenous growth. We allow for nonseparable preferences, paying particular attention to the risk aversion of the old as well as overall 'life-cycle' risk aversion. We provide a...
Persistent link: https://www.econbiz.de/10005662132
RBC model and the other two are heterogenous agent economies (HA and HATAX) with and without corporate income taxes. I …
Persistent link: https://www.econbiz.de/10005662278
This paper examines the impact of policy-makers' horizons on the sustainability of international cooperation. We describe a prisoners' dilemma game between two infinitely-lived organizations (countries) run by agents (policy-makers) with a shorter tenure. The agents' mandates are finite but...
Persistent link: https://www.econbiz.de/10005667055
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
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
harm some people at intermediate and high levels of the distribution of income but to benefit people at the bottom; where …
Persistent link: https://www.econbiz.de/10005791349