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Retirement, Pensions, and Ageing
Heijdra, Ben J.; Romp, Ward E. - CESifo - 2007
We study the effects of demographic shocks and changes in the pension system on the macroeconomic performance of an advanced small open economy. An overlapping-generations model is constructed which includes a realistic description of the mortality process. Individual agents choose their optimal...
Persistent link: https://www.econbiz.de/10005094360
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Austerity, Growth and Inflation. Remarks on the Eurozone's Unresolved Competitiveness Problem
Sinn, Hans-Werner - CESifo - 2013
compares price inflation before the crisis with the necessary and actual price cuts that have taken place since the outbreak of … the crisis, predicting a decade of stagnation for the south and inflation for the north. Keynesian demand policy is …
Persistent link: https://www.econbiz.de/10010877720
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Superneutrality of Money under Open Market Operations
Homburg, Stefan - CESifo - 2015
Monetary policy is superneutral in an overlapping generations model. Previous authors have argued that superneutrality does not hold in such a setting. However, the standard results rely on the counter-factual premise of helicopter money and are overturned if money creation through open market...
Persistent link: https://www.econbiz.de/10011185625
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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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Environmental Policy and the Macroeconomy under Shallow-Lake Dynamics
Heijdra, Ben J.; Heijnen, Pim - CESifo - 2009
We study the environmental and economic effects of public abatement in the presence of multiple stable steady-state ecological equilibria. Under shallow-lake dynamics (SLD), the isocline for the stock of pollution features two stable branches, a good and a bad one. Assuming that the ecology is...
Persistent link: https://www.econbiz.de/10008596591
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Stimulating Annuity Markets
Heijdra, Ben J.; Mierau, Jochen O.; Trimborn, Timo - CESifo - 2014
We study the short-, medium-, and long-run implications of stimulating annuity markets in a dynamic general-equilibrium overlapping-generations model. We find that beneficial partial-equilibrium effects of stimulating annuity markets are counteracted by negative general-equilibrium...
Persistent link: https://www.econbiz.de/10010781542
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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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Ageing and Growth in the Small Open Economy
Heijdra, Ben J.; Romp, Ward E. - CESifo - 2006
We construct an overlapping generations model for the small open economy whichincorporates a realistic description of the mortality process. Agents engage in educational activities at the start of life and thus create human capital to be used later on in life for production purposes. Depending...
Persistent link: https://www.econbiz.de/10005094204
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Financial Frictions and Inflation Differentials in a Monetary Union
Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - CESifo - 2010
This paper employs a stylized New Keynesian DSGE model for a monetary union to analyze whether cyclical inflation … the fraction of borrowers and to a lesser extent the loan-to-value ratio - generate inflation differentials that are … characteristics of financial markets should be seen as a possible alternative explanation for the observable inflation dispersion in …
Persistent link: https://www.econbiz.de/10008727289
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Intergenerational Risk-Sharing through Funded Pensions and Public Debt
Chen, Damiaan H.J.; Beetsma, Roel; Ponds, Eduard; Romp, … - CESifo - 2014
We explore the benefits of intergenerational risk-sharing through both private funded pensions and via the public debt. We use a multi-period overlapping generations model with a PAYG pension pillar, a funded pension pillar and a government. Shocks are smoothed via the public debt and variations...
Persistent link: https://www.econbiz.de/10010877853