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Low Altruism, Austerity, and Aversion to Default: Are Countries Converging to the Natural Debt Limit?
Bohn, Henning - CESifo - 2013
Democracies around the world are making promises to the old at the expense of future generations. I interpret this as reflecting low altruism—a discount rate on children’s utility greater than the world interest rate—and I examine the implications in a small open economy with overlapping...
Persistent link: https://www.econbiz.de/10010877813
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Provision of a Public Good with Altruistic Overlapping Generations and Many Tribes
Karp, Larry S. - CESifo - 2012
Intergenerational altruism and contemporaneous cooperation are both important to the provision of long-lived public goods. Equilibrium climate protection may depend more sensitively on either of these considerations, depending on the type of policy rule one examines. This conclusion is based on...
Persistent link: https://www.econbiz.de/10010877869
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Human Capital Accumulation and the Macroeconomy in an Ageing Society
Heijdra, Ben J.; Reijnders, Laurie S. M. - CESifo - 2012
How do population ageing shocks affect the long-run macroeconomic performance of an economy? To answer this question we build a general equilibrium overlapping generations model of a closed economy featuring endogenous factor prices. Finitely-lived individuals are endowed with perfect foresight...
Persistent link: https://www.econbiz.de/10010877922
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Life in Shackles? The Quantitative Implications of Reforming the Educational Loan System
Heijdra, Ben J.; Kindermann, Fabian; Reijnders, Laurie S. M. - CESifo - 2014
In this paper we conduct a quantitative analysis of a number of stylized educational loan systems. We develop a stochastic general equilibrium model of a closed economy with a competitive firm sector and a government that levies taxes and administers educational loans. Individuals are...
Persistent link: https://www.econbiz.de/10010948864
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Annuity Market Imperfection, Retirement and Economic Growth
Heijdra, Ben J.; Mierau, Jochen O. - CESifo - 2009
-independent wages and a constant mortality rate. In the first extension we study the implications for microeconomic decisions and … realistic mortality process. Our main findings are that the limited availability of annuities induces agents to retire early in … the first two models, but later in the model with age-dependent mortality. In all cases, the general equilibrium …
Persistent link: https://www.econbiz.de/10005013054
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Friedman Rule in a Model with Endogenous Growth and Cash-in-advance Constraint
Gahvari, Firouz - CESifo - 2009
This paper introduces money into an overlapping generations model with endogenous growth. The model, due to Docquier et al. (2007), exhibits a positive intergenerational externality which precludes its laissez-fair equilibrium to be optimal even if the government can control the level of...
Persistent link: https://www.econbiz.de/10005013062
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Internationally Coordinated Emission Permit Policies: An Option for Withdrawers from the Kyoto Protocol?
Bednar-Friedl, Birgit; Farmer, Karl - CESifo - 2009
This paper investigates the welfare costs of unilateral versus internationally coordinated emission permit policies in a two-country overlapping generations model with producer carbon emissions. We show that, for a net foreign debtor country, the domestic welfare costs of a unilateral domestic...
Persistent link: https://www.econbiz.de/10005013953
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Monetary Policy and Redistribution: What can or cannot be Neutralized with Mirrleesian Taxes
Gahvari, Firouz; Micheletto, Luca - CESifo - 2012
This paper develops an overlapping-generations model with heterogeneous agents in terms of earning ability and cash-in-advance constraint. It shows that tax policy cannot fully replicate or neutralize the redistributive implications of monetary policy. While who gets the extra money becomes...
Persistent link: https://www.econbiz.de/10009645639
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Trading Off Generations: Infinitely Lived Agent Versus OLG
Schneider, Maik T.; Traeger, Christian; Winkler, Ralph - CESifo - 2012
The prevailing literature discusses intergenerational trade-offs in climate change predominantly in terms of the Ramsey equation relying on the infinitely lived agent model. We discuss these trade-offs in a continuous time OLG framework and relate our results to the infinitely lived agent...
Persistent link: https://www.econbiz.de/10009649700
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Coordinated Tax-Tariff Reforms, Informality, and Welfare Distribution
Ligthart, Jenny; Meijden, Gerard C. van der - CESifo - 2010
The paper studies the revenue, efficiency, and distributional implications of a simple strategy of offsetting tariff reductions with increases in destination-based consumption taxes so as to leave consumer prices unchanged. We employ a dynamic micro-founded macroeconomic model of a small open...
Persistent link: https://www.econbiz.de/10008596581