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the labor force participation of younger persons in twelve countries. We found no evidence that increasing the employment … of older persons will reduce the employment opportunities of youth and no evidence that increasing the employment of … employment circumstances of older workers. We find that these "exogenous" reforms can have a very large effect on the labor force …
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chronic large deficits. The familiar conclusion that sustained government deficits at full employment depress private capital …
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The principal rationales that give rise to financial intermediation are benefits of size and specialization, the diversification of specific asset risks, and the pooling of even broader classes of risk. Each is a significant factor in accounting for the U.S. economy's reliance on intermediation....
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The U.S. economy's nonfinancial debt ratio has risen since 1980 to a level that is extraordinary in comparison with prior historical experience. Approximately one-half of this rise has consisted of increased indebtedness (relative to income) of borrowers in the economy's private sector,...
Persistent link: https://www.econbiz.de/10012762932
The observed reluctance of most individuals in the United States to buy individual life annuities, and the concomitant approximately flat average age-wealth profile, stand in sharp contradiction to the standard life cycle model of consumption-saving behavior. The analysis in this paper lends...
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