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"A paper recently published in the journal Tobacco Control purports to show that the implementation of a smoking … the smoking ban"--Federal Reserve Bank of St. Louis web site …
Persistent link: https://www.econbiz.de/10002977393
We develop a model of an overlapping generations economy characterized by private pensions where risk averse agents face both longevity and investment risks. The government mitigates the effects of longevity risk by mandating that individuals purchase annuities. Investment risk arises since the...
Persistent link: https://www.econbiz.de/10005491010
We develop a model of retirement and human capital investment to study the effects of tax and retirement policies … a significant fraction of the US-Europe difference in schooling and retirement. The model predicts that reforms of the … European retirement policies modeled after the US can deliver 15–35 percent gains in per-worker output in the long run …
Persistent link: https://www.econbiz.de/10010551337
Average and expected job tenure of workers has fallen significantly over the last two decades. Workers have also experienced a major shift in pension coverage. Traditional defined benefit pensions, designed to reward long tenure, have become steadily less common, while defined contribution...
Persistent link: https://www.econbiz.de/10005707788
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"This paper studies strategic asset allocation and consumption choice in the presence of regime switching in asset returns. We find evidence that four separate regimes - characterized as crash, slow growth, bull and recovery states - are required to capture the joint distribution of stock and...
Persistent link: https://www.econbiz.de/10002917579