spending. Our baseline optimal reform reveals that these model ingredients result in a reduction of welfare losses that occur … when the reform is announced before its implementation. Further, the mere existence of welfare losses from pre … welfare gains from pre-announcing the reform. We show that 4 years pre-announcement of this reform and the baseline optimal …

paper shows how to compute the welfare effects of marginal policy changes that shift risk across cohorts, in general and for … and equity returns from 1874-1996 U.S. data, calibrate the model, and find positive welfare effects for equity investments …

This paper evaluates the welfare gains to trade reform in a model of endogenous export participation. Specifically … productivity shocks, we find smaller welfare gains. With sunk costs the selection gain in productivity from increased entry of … transition dynamics also substantially lowers the welfare gains to trade reform …

This paper investigates the impact of borrowing constraints on human capital accumulation and welfare. In a standard …, the average level of welfare is higher when children cannot borrow against future income. The imposition of borrowing … constraints increases parental transfers and raises children’s welfare. Additionally, the ability to borrow helps children fund …