Similar Search Results

The timing of intergenerational transfers, tax policy, and aggregate savings

Altig, David; Davis, Steve J. - Federal Reserve Bank of Cleveland - 1989

An analysis of the interest rate and savings effects of fiscal policy in an overlapping generations framework, discussing the circumstances under which capital's steady-state marginal product varies.

Persistent link: https://www.econbiz.de/10005729017

Bankruptcy in the life-cycle consumption model

Kowalewski, K.J. - Federal Reserve Bank of Cleveland - 1988

An analysis assessing the sensitivity of consumption to income using a life-cycle model of consumption that incorporates the possibility of bankruptcy.

Persistent link: https://www.econbiz.de/10005729082

Stochastic interest rates in the aggregate life cycle/permanent income cum rational expectations model

Kowalewski, K.J. - Federal Reserve Bank of Cleveland - 1985

An estimation of the life cycle/permanent income model with rational expectations that allows for uncertain future interest rates. Results provide ample evidence to reject this form of model during the postwar period.

Persistent link: https://www.econbiz.de/10005428229

Marriage and consumption insurance: what's love got to do with it?

Hess, Gregory D. - Federal Reserve Bank of Cleveland - 2001

This paper explores marriage’s role when markets are incomplete and individuals cannot diversify their idiosyncratic labor income risk. All else being equal, an individual would rather marry a “hedge” (a person whose income is negatively correlated with her own) because doing so raises her...

Persistent link: https://www.econbiz.de/10005428357

Consumption and fractional differencing: old and new anomalies

Haubrich, Joseph G. - Federal Reserve Bank of Cleveland - 1990

A calculation of the stochastic properties of consumption when income follows a fractional stochastic process, showing how this may explain excess-smoothness results noted in previous studies.

Persistent link: https://www.econbiz.de/10005428404

Simulating the transmission of wealth inequality via bequests

Gokhale, Jagadeesh; Kotlikoff, Laurence J.; Sefton, James; … - Federal Reserve Bank of Cleveland - 1998

Answering the question of how much wealth inequality arises from inheritance inequality requires data that are …

Persistent link: https://www.econbiz.de/10005729001

The impact of Social Security and other factors on the distribution of wealth

Gokhale, Jagadeesh; Kotlikoff, Laurence J. - Federal Reserve Bank of Cleveland - 1999

materially alter the distribution of wealth. This paper uses data from the PSID to further analyze how Social Security and other … factors affect wealth inequality. …

Persistent link: https://www.econbiz.de/10005729089

A note on sunspots with heterogeneous agents

Carroll, Daniel R.; Young, Eric R. - Federal Reserve Bank of Cleveland - 2009

This paper studies sunspot fluctuations in a model with heterogeneous households. We find that wealth inequality … is calibrated to match the joint distribution of hours, income, and wealth, the required degree of increasing returns to …

Persistent link: https://www.econbiz.de/10004973935

The demand for income tax progressivity in the growth model

Carroll, Daniel R. - Federal Reserve Bank of Cleveland - 2013

within the wealth distribution, the median voter is determined endogenously. In a numerical experiment, the model is … initialized to the 1992 U.S. joint distribution of income and wealth as well as several statistics of the federal income tax … progressivity have high labor productivity and/or very high wealth. A movement towards greater progressivity increases aggregate …

Persistent link: https://www.econbiz.de/10008852885

Neighborhood dynamics and the distribution of opportunity

Aliprantis, Dionissi; Carroll, Daniel - Federal Reserve Bank of Cleveland - 2012

This paper uses an overlapping-generations dynamic general equilibrium model of residential sorting and intergenerational human capital accumulation to investigate effects of neighborhood externalities. In the model, households choose where to live and how much to invest toward the production of...

Persistent link: https://www.econbiz.de/10011133763