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Macro-Hedging for Commodity Exporters
Jeanne, Olivier; Borensztein, Eduardo; Sandri, Damiano - National Bureau of Economic Research (NBER) - 2009
This paper uses a dynamic optimization model to estimate the welfare gains of hedging against commodity price risk for commodity-exporting countries. We show that the introduction of hedging instruments such as futures and options enhances domestic welfare through two channels. First, by...
Persistent link: https://www.econbiz.de/10008627124
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Integrating Retirement Models
Gustman, Alan L.; Steinmeier, Thomas - National Bureau of Economic Research (NBER) - 2009
This paper advances the specification and estimation of models of retirement and saving in two earner families. The complications introduced by the interaction of retirement decisions by husbands and wives have led researchers to adopt a number of simplifications to increase the feasibility of...
Persistent link: https://www.econbiz.de/10008628338
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Optimal Endowment Destruction under Campbell-Cochrane Habit Formation
Uhlig, Harald; Ljungqvist, Lars - National Bureau of Economic Research (NBER) - 2009
Campbell and Cochrane (1999) formulate a model that successfully explains a wide variety of asset pricing puzzles, by augmenting the standard power utility function with a time-varying subsistence level, or "external habit", that adapts nonlinearly to current and past average consumption in the...
Persistent link: https://www.econbiz.de/10005718714
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Effects of Social Security Policies on Benefit Claiming, Retirement and Saving
Gustman, Alan L.; Steinmeier, Thomas L. - National Bureau of Economic Research (NBER) - 2013
An enhanced version of a structural model jointly explains benefit claiming, wealth and retirement, including reversals …
Persistent link: https://www.econbiz.de/10010821712
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Robust Comparative Statics in Large Dynamic Economies
Acemoglu, Daron; Jensen, Martin Kaae - National Bureau of Economic Research (NBER) - 2012
We consider infinite horizon economies populated by a continuum of agents who are subject to idiosyncratic shocks. This framework contains models of saving and capital accumulation with incomplete markets in the spirit of works by Bewley, Aiyagari, and Huggett, and models of entry, exit and...
Persistent link: https://www.econbiz.de/10010821853
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Policy Effects in Hyperbolic vs. Exponential Models of Consumption and Retirement
Gustman, Alan L.; Steinmeier, Thomas L. - National Bureau of Economic Research (NBER) - 2010
preferences. Sophisticated hyperbolic discounters may accumulate substantial amounts of wealth for retirement. We find it is …
Persistent link: https://www.econbiz.de/10008685015
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Optimal Financial Knowledge and Wealth Inequality
Michaud, Pierre-Carl; Mitchell, Olivia; Lusardi, Annamaria - National Bureau of Economic Research (NBER) - 2013
While financial knowledge is strongly positively related to household wealth, there is also considerable cross … cycle model featuring endogenous financial knowledge accumulation. The model generates substantial wealth inequality, over … wealth accumulation and thus financial knowledge. Our simulations show that endogenous financial knowledge accumulation has …
Persistent link: https://www.econbiz.de/10010950966
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Household Debt: Facts, Puzzles, Theories, and Policies
Zinman, Jonathan - National Bureau of Economic Research (NBER) - 2014
Borrowing decisions affect most households, with large stakes and implications for subfields as varied as macroeconomics and industrial organization. I review theoretical and empirical work on household debt: its prevalence, level, growth, and composition, as well as various measures of consumer...
Persistent link: https://www.econbiz.de/10010951247
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Financial Knowledge and Financial Literacy at the Household Level
Gustman, Alan L.; Steinmeier, Thomas L.; Tabatabai, Nahid - National Bureau of Economic Research (NBER) - 2010
found in the literature between cognitive ability, and in particular numeracy, and wealth, income constant. We have a number … suggest that causality is more likely to run from pension wealth to pension knowledge, rather than the other way around … forms of wealth. Rather, counting pensions in total wealth, those with more valuable pensions save more for retirement …
Persistent link: https://www.econbiz.de/10008685012
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The Effects of the Saving and Banking Glut on the U.S. Economy
Primiceri, Giorgio; Tambalotti, Andrea; Justiniano, … - National Bureau of Economic Research (NBER) - 2013
We use a quantitative equilibrium model with houses, collateralized debt and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one fourth and one third of the increase in...
Persistent link: https://www.econbiz.de/10010969208