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Is Social Security behind the Collapse of Personal Saving?
Caliendo, Frank N. - CESifo - 2009
This paper considers the quantitative role of growth in the size of the social security program in contributing to the collapse of personal saving in the U.S. over the last few decades. Using a calibrated, general equilibrium life-cycle model this paper shows that social security may not be to...
Persistent link: https://www.econbiz.de/10005010144
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Legal Institutions, Innovation and Growth
Anderlini, Luca; Felli, Leonardo; Immordino, Giovanni; … - CESifo - 2011
change is needed. The rigid system is preferable at early stages of technological development, when (lack of) commitment …
Persistent link: https://www.econbiz.de/10009150639
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Temptation in Vote-Selling: Evidence from a Field Experiment in the Philippines
Hicken, Allen; Leider, Stephen G.; Ravanilla, Nico; … - CESifo - 2014
-vote-selling intervention in the Philippines. We model selling one’s vote as a temptation good: it creates positive utility for the future self … regarding vote-selling to affect utility. Voters who are at least partially sophisticated about their vote-selling temptation … can thus use promises not to vote-sell as a commitment device. An invitation to promise not to vote-sell is taken up by a …
Persistent link: https://www.econbiz.de/10010781543
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Carbon Prices for the Next Thousand Years
Gerlagh, Reyer; Liski, Matti - CESifo - 2012
Climate is a persistent asset, bar none: changes in climate-related stocks have consequences spanning over centuries or possibly millennia to the future. To reconcile the discounting of such far-distant impacts and realism of the shorter-term decisions, we consider hyperbolic time-preferences in...
Persistent link: https://www.econbiz.de/10010554825
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Uncertain Longevity and Investment in Education
Sheshinski, Eytan - CESifo - 2009
It has been argued that increased life expectancy raises the rate of return on education, causing a rise in the investment in education followed by an increase in lifetime labor supply. Empirical evidence of these relations is rather weak. Building on a lifecycle model with uncertain longevity,...
Persistent link: https://www.econbiz.de/10008596600
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Growth and the Ageing Joneses
Fisher, Walter H.; Heijdra, Ben J. - CESifo - 2008
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/10005766173
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Carbon Prices for the Next Hundred Years
Gerlagh, Reyer; Liski, Matti - CESifo - 2014
World income grows fast without verifiable climate-change impacts on the economy. The growth spell can end if climate impacts turn real but this can take decades to learn. We develop a tractable stochastic climate-economy model with a hidden-state impact process to evaluate the contributions of...
Persistent link: https://www.econbiz.de/10010747216
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Baby Booming Inequality? Demographic Change and Earnings Inequality in Norway, 1967-2000
Almås, Ingvild; Havnes, Tarjei; Mogstad, Magne - CESifo - 2010
In this paper, we demonstrate how age-adjusted inequality measures can be used to evaluate whether changes in inequality over time are due to changes in the age structure. To this end, we use administrative data on earnings for every male Norwegian during 1967-2000. We find that the substantial...
Persistent link: https://www.econbiz.de/10008671734
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Public Investment as Commitment
Gerlagh, Reyer; Liski, Matti - CESifo - 2011
projects that influence the economy as a whole. Long-term public investments provide commitment to current preferences, leading …
Persistent link: https://www.econbiz.de/10008833880
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Imperfect Financial Markets as a Commitment Device for the Government
Simon, Jenny - CESifo - 2014
able to fulfill their financial liabilities. The impending individual “default losses” add up to an effective commitment … device for the government. Even a small market imperfection yields limited commitment, which leads to optimal partial pooling …
Persistent link: https://www.econbiz.de/10010877738