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Can Skill Biased Technological Progress Have a Role in the Decline of the Savings Rate?
Chanda, Areendam - EconWPA - 2002
This paper explores the consequences of skill biased technological progress on the savings rates. The literature, both … burgeoned considerably. So has the literature on declining household savings, motivated by the American experience over the past … couple of decades. I present a general equilibrium model where declining savings rates emerges as an outcome of exogenously …
Persistent link: https://www.econbiz.de/10005412682
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Boom In, Bust Out: Young Households and the Housing Price Cycle
Ortalo-Magne, Francois; Rady, Sven - EconWPA - 1998
The UK experienced a major residential real estate boom-bust cycle from the mid-Eighties to the mid-Nineties, accompanied by unprecedented shifts in the owner occupancy rate of young households. Previous empirical analyses have pointed toward income changes and financial deregulation as the...
Persistent link: https://www.econbiz.de/10005076946
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Macroeconomic evolution after a shock: the role for financial intermediation
Vinogradov, Dmitri - EconWPA - 2003
An overlapping generations model with two production factors and two types of agents is considered in presence of …nancial intermediation. The research focuses at the analysis of the consequences of a suddain negative production shock on a …nancial intermediation capacities and consequently...
Persistent link: https://www.econbiz.de/10005126268
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Dynamic Price Adjustment Under Imperfect Competition
Eberwein, Curtis; To, Ted - EconWPA - 1998
We study dynamic price adjustment under imperfect competition when consumers have non-time-separable preferences. In our model an intertemporal link arises in the consumers' maximization problems because current consumption decisions affect the utility of future consumption. Thus future demand...
Persistent link: https://www.econbiz.de/10005134511
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Housing Market Fluctuations in a Life-Cycle Economy with Credit Constraints
Ortalo-Magne, Francois; Rady, Sven - EconWPA - 1998
This paper presents a first step towards a new theory of housing market fluctuations. We develop a life-cycle model … documented in the data. Our theory asserts that the fluctuations in housing prices depend crucially on fluctuations in the …
Persistent link: https://www.econbiz.de/10005134801
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Intergenerational Transfers, Lifetime Welfare and Resource Preservation
Valente, Simone - EconWPA - 2005
This paper studies the welfare properties of distortionary transfers in a life-cycle growth model where natural capital is private property. The main result is that, under credible pre-commitment, each newborn generation prefers positive taxes-subsidies to laissez-faire conditions when the...
Persistent link: https://www.econbiz.de/10005408406
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Closed-End Fund Discounts in a Rational Agent Economy
Spiegel, Matthew - EconWPA - 1997
Nearly any standard financial model concludes that two assets with identical cash flows must sell for the same price. Alas, closed-end mutual fund company share prices seem to violate this fundamental tenant. Even when one considers several standard frictions, such as taxes and agency costs,...
Persistent link: https://www.econbiz.de/10005413144
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Transmission of Demographic Shock Effects from Large to Small
Kenc, Turalay; Sayan, Serdar - EconWPA - 1998
affect the time paths of consumption, savings, investment and output substantially. Secondly, when they are transmitted onto …
Persistent link: https://www.econbiz.de/10005556703
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Earlier Or Later: A General Equilibrium Analysis of Bringing Forward an Already Announced Tax Reform
Honerkamp, Josef; Moog, Stefan; Raffelhüeschen, Bernd - EconWPA - 2004
The German Income Tax Reform 2000, which announced a reduction in income tax rates to be implemented in a series of three stages, was welcomed by the public as a step towards unleashing lurking growth potentials. Nonetheless, in the course of the year 2001 a dispute arose, centering around the...
Persistent link: https://www.econbiz.de/10005556934
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Tax Policy and Human Capital Formation with Public Investment in Education
Valente, Simone - EconWPA - 2005
capital through increased savings. It is shown that Ramsey-optimal policies reduce savings due to high tax rates on young …
Persistent link: https://www.econbiz.de/10005561213