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Monetary Policy in an Uncertain Environment
Feldstein, Martin - 2003
This paper discusses the nature of the uncertainty faced by central banks and considers three approaches to dealing with uncertainty(1) formal optimization models and robust rules based on such models; (2) informal rules like the Taylor rule and inflation targeting; and (3) a case by case...
Persistent link: https://www.econbiz.de/10012468728
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Personal Taxation, Portfolio Choice and The Effect of the Corporation Income Tax
Feldstein, Martin - 1980
Extending the traditional treatment of the corporate tax to an economy with a progressive personal tax fundamentally changes the analysis. While the corporate tax system (CTS) does increase the total tax rate on corporate source income for some investors, the exclusion of retained earnings...
Persistent link: https://www.econbiz.de/10012478555
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Inflation, Portfolio Choice, and the Price of Land and Corporate Stock
Feldstein, Martin - 1980
This paper presents an explicit model of portfolio demand and uses it to show how the rate of inflation and its variances affect the real prices of land and of common stock. The analysis is thus an extension of two of the author's earlier papers which studied how the interaction of inflation and...
Persistent link: https://www.econbiz.de/10012478609
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The Transition to Investment-Based Social Security when Portfolio Returns and Capital Profitability are Uncertain
Feldstein, Martin - 1999
Ranguelova that examined the implication of portfolio risk after the transition to an investment-based system has been completed … system that is completely investment-based. We model intergenerational guarantees and assess the risk of such guarantees to … combinations of taxes and saving deposits in the later years. The extra risk to retirees and/or taxpayers is relatively small …
Persistent link: https://www.econbiz.de/10012471784
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Individual Risk in an Investment-Based Social Security System
Feldstein, Martin - 2001
This paper examines the risk aspects of an investment-based defined contribution Social Security plan. We focus on the … risk after the plan is fully phased in. Individuals deposit a fraction of wages to a Personal Retirement Account (PRA … cushion' that protects the individual from the risk of an unacceptably low level of benefits. For example, PRA deposits of 6 …
Persistent link: https://www.econbiz.de/10012470655
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Individual Risk and Intergenerational Risk Sharing in an Investment-Based Social Security Program
Feldstein, Martin - 1998
This paper examines the risk aspects of a fully phased-in investment-based defined contribution Social Security plan … system. A higher saving rate provides a cushion' that reduces the risk of unacceptably low benefits. For example, saving 6 … annuity exceeds 92 percent of the benchmark benefit. We also study a modified plan in which retirees face no risk of …
Persistent link: https://www.econbiz.de/10012471973
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Contracts and Money
Jovanovic, Boyan - 1996
We analyze the contractual relation between workers and their employers when there is nominal risk. The key feature of … eliminate all nominal risk for the parties (by fully indexing the terms of the contracts to the price level) but they would be …
Persistent link: https://www.econbiz.de/10012473208
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Dynamic Incentive Contracts Under Parameter Uncertainty
Prat, Julien - 2010
Commitment is therefore more valuable when quality is known more precisely. Incentives then are easier to provide because the agent has less room to manipulate the beliefs of the principal. Moreover, in contrast to results under one-period commitment, wage volatility declines as experience...
Persistent link: https://www.econbiz.de/10012462007
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Uncertainty and Growth Disasters
Jovanovic, Boyan - 2020
This paper documents several facts on the real effects of economic uncertainty. First, higher uncertainty is associated with a more dispersed distribution of output growth. Second, the relation is highly asymmetric: A rise in uncertainty is associated with a sharp decline in the lower tail of...
Persistent link: https://www.econbiz.de/10012482243
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Reducing the Risk of Investment-Based Social Security Reform
Feldstein, Martin - 2005
specified in current law. Calculations of expected utility show that these risk reduction techniques can raise expected utility … relative to the plans with no guarantees. The ability to do so depends on the individual's risk aversion level. This underlines … the idea that different individuals would rationally prefer different investment strategies and risk reduction options …
Persistent link: https://www.econbiz.de/10012467601