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The Implications of Lower Down Payments on Consumption Volatility
Farr, Christopher; Luengo-Prado, Maria J. - Society for Computational Economics - SCE - 2001
We examine the effects of decreasing down payment requirements on consumption volatility within a model which generalizes the standard buffer-stock model of saving to accommodate durables, nondurables and a collateralized liquidity constraint. We consider both a version of the model without...
Persistent link: https://www.econbiz.de/10005345569
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Investment and Discovery: Market coordination when investing in projects with endogenous payoffs
Goldbaum, David - Society for Computational Economics - SCE - 2002
Persistent link: https://www.econbiz.de/10005345398
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MACRO AND MICRO DYNAMICS IN AN ARTIFICIAL SOCIETY: AN AGENT BASED APPROACH
Fent, Thomas - Society for Computational Economics - SCE
This paper deals with artificial agents buying and selling products in a virtual market of goods that may be substituted for each other. On the demand side the market features a homogenous group of agents whose dynamics are determined by three different scenarios. The supply side, on the other...
Persistent link: https://www.econbiz.de/10005345746
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Learning and Endogenous Business Cycles in a Standard Growth Model
Cellarier, Laurent - Society for Computational Economics - SCE - 2005
Cyclical or chaotic competitive equilibria that do not exist under perfect foresight are shown to occur in a decentralized growth model under constant gain adaptive learning. This paper considers an economy populated by boundedly rational households making one-period ahead constant gain adaptive...
Persistent link: https://www.econbiz.de/10005537484
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Bounded Rationality, Learning, and Business Cycles in a Standard Neoclassical Growth Model
Cellarier, Laurent - Society for Computational Economics - SCE - 2004
Bounded rationality is introduced into a standard growth model by assuming that households form one-period ahead least squares forecasts on production factor prices, and expect that future level of consumption and physical capital will be consistent with the balanced growth path. Under those...
Persistent link: https://www.econbiz.de/10005537622
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Expected Bequests and Current Wealth in SHARE
Christelis, Dimitrios; Weber, Guglielmo - Society for Computational Economics - SCE - 2006
The life-cycle theory predicts that wealth should be fully annuitized to insure longevity risks. If annuity markets are … incomplete and elderly individuals face other risks (notably, health risks) wealth holdings will include other financial and real … assets. However, the life-cycle model under uncertainty does imply that non-annuitized wealth should be decumulated in old …
Persistent link: https://www.econbiz.de/10005537416
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A Welfare Analysis of Progressive Tax and Transfer Policies: Is the Present System Better than the Flat Tax System?
Bhandari, Shailesh; Ph. D. - Society for Computational Economics - SCE - 2005
This paper is my ongoing research on welfare analysis using real business cycle approach. In this paper, I have modeled heterogeneous households with different income potential and paying different tax rates. The model incorporates progressive tax rates and computes its effects on the welfare of...
Persistent link: https://www.econbiz.de/10005343018
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Precautionary Saving Unfettered
Feigenbaum, James - Society for Computational Economics - SCE - 2006
Precautionary saving has engendered much interest, both because of the possibility that it can explain why, contrary to the basic Lifecycle/Permanent-Income Hypothesis, consumption roughly tracks income over the lifecycle and because of speculation that precautionary saving might account for a...
Persistent link: https://www.econbiz.de/10005342921
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Quantifying the Inefficiency of the US Social Security System
Parra, J. C.; Huggett, M. - Society for Computational Economics - SCE - 2005
We quantify the inefficiency of the retirement component of the US social security system within a model where agents receive idiosyncratic labor-productivity shocks that are privately observed
Persistent link: https://www.econbiz.de/10005342987
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Education and Self-Employment: Relationships between Earnings and Wealth Inequality
Terajima, Yaz - Society for Computational Economics - SCE - 2005
for changes in the relative wealth of households over 1983-2001 in the United States. Among households whose head is a … college graduate, the ratio of the average household wealth between the self-employed and workers has increased by 137%. At … wealth inequality as well as earnings inequality have increased over this period. Are changes in relative average earnings …
Persistent link: https://www.econbiz.de/10005343004