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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
We study the effects of an annuity market imperfection on individual agents’ labour supply and retirement decisions and on the macroeconomic growth rate in an overlapping generations model with endogenous growth. We model imperfect annuities by introducing a load factor on the interest rate...
Persistent link: https://www.econbiz.de/10005013054
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Animal Spirits and Monetary Policy
Grauwe, Paul De - CESifo - 2008
inflation. This model generates endogenous waves of optimism and pessimism (“Animal Spirits”) that are generated by the … implications for monetary policies. One of our main results is that strict inflation targeting is suboptimal because it gives more … scope for waves of optimism and pessimism to emerge thereby destabilizing output and inflation. …
Persistent link: https://www.econbiz.de/10005765824
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The Tragedy of Annuitization
Heijdra, Ben J.; Mierau, Jochen O.; Reijnders, Laurie S. M. - CESifo - 2010
We construct a tractable discrete-time overlapping generations model of a closed economy and use it to study government redistribution of accidental bequests and private annuities in general equilibrium. Individuals face longevity risk as there is a positive probability of passing away before...
Persistent link: https://www.econbiz.de/10008511614
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Top-Down versus Bottom-Up Macroeconomics
Grauwe, Paul De - CESifo - 2010
I distinguish two types of macroeconomic models. The first type are top-down models in which some or all agents are capable of understanding the whole picture and use this superior information to determine their optimal plans. The second type are bottom-up models in which all agents experience...
Persistent link: https://www.econbiz.de/10008534015
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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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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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Macroeconomic Modeling when Agents are Imperfectly Informed
Grauwe, Paul De - CESifo - 2008
individuals use simple rules of thumb (heuristics) to forecast the future inflation and output gap. We compare this model with the …
Persistent link: https://www.econbiz.de/10005405712
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Generalized Stochastic Gradient Learning
Evans, George W.; Honkapohja, Seppo; Williams, Noah - CESifo - 2005
We study the properties of generalized stochastic gradient (GSG) learning in forward-looking models. We examine how the conditions for stability of standard stochastic gradient (SG) learning both differ from and are related to E-stability, which governs stability under least squares learning. SG...
Persistent link: https://www.econbiz.de/10005406017