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Bounded Rationality, Monetary Policy, and Macroeconomic Stability
Ilabaca, Francisco - 2019
This paper estimates a Behavioral New Keynesian model to revisit the evidence that passive US monetary policy in the pre-1979 sample led to indeterminate equilibria and sunspot-driven fluctuations, while active policy after 1982, by satisfying the Taylor principle, was instrumental in restoring...
Persistent link: https://www.econbiz.de/10012866811
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Incentive Complexity, Bounded Rationality and Effort Provision
Abeler, Johannes; Huffmann, David B.; Raymond, Collin - 2023
Using field and laboratory experiments, we demonstrate that the complexity of incentive schemes and worker bounded rationality can affect effort provision, by shrouding attributes of the incentives. In our setting, complexity leads workers to over-provide effort relative to a fully rational...
Persistent link: https://www.econbiz.de/10014346847
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Behavioral New Keynesian Models : Learning vs. Cognitive Discounting
Meggiorini, Greta; Milani, Fabio - 2021
This paper estimates a New Keynesian model with new and old behavioral elements. Agents in the model exhibit cognitive discounting, or myopia: they discount variables far into the future at higher rates than typically implied in the benchmark model. We investigate the model under different...
Persistent link: https://www.econbiz.de/10013229788
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Fair Pension Policies with Occupation-Specific Aging
Grossmann, Volker; Schünemann, Johannes; Strulik, Holger - 2021
We discuss public pension systems in a multi-period overlapping generations model with gerontologically founded human aging and a special focus on occupation-specific morbidity and mortality. We examine how distinct replacement rates for white-collar and blue-collar workers and early retirement...
Persistent link: https://www.econbiz.de/10013219069
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Intragenerational Inequality Aversion and Intergenerational Equity
Cairns, Robert D.; Del Campo, Stellio; Martinet, Vincent - 2021
We study the interplay between intragenerational and intergenerational equity in an economy with two countries producing and consuming from national capital stocks. We characterize the sustainable development path that a social planner would implement to achieve intertemporal egalitarianism. If...
Persistent link: https://www.econbiz.de/10013239334
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Intergenerational Actuarial Fairness When Longevity Increases : Amending the Retirement Age
Bravo, Jorge Miguel; Ayuso, Mercedes; Holzmann, Robert; … - 2021
to life expectancy developments while respecting the principles of intergenerational actuarial fairness and neutrality …
Persistent link: https://www.econbiz.de/10013314670
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Distribution and Use of Knowledge Under the 'Laws of the Web'
Falkinger, Josef - 2021
Empirical evidence shows that the perception of information is strongly concentrated in those environments in which a …
Persistent link: https://www.econbiz.de/10013316668
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Inequality and happiness: When perceived social mobility and economic reality do not match
Bjørnskov, Christian; Dreher, Axel; Fischer, Justina A.V. - 2010
perceived and the actual fairness of the income generation process affects this association. Building on a simple model of … individual labor-market participation under uncertainty, we predict that higher levels of perceived fairness cause higher levels …, income inequality is perceived more negatively with increased perceived fairness, due to the need for unexpected policy …
Persistent link: https://www.econbiz.de/10010274890
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Incorporating Inequality Aversion in Health-Care Priority Setting
Costa-Font, Joan - 2019
Although measures of sensitivity to inequality are important in judging the welfare effects of health-care programmes, it is far from straightforward how to elicit them and apply them in health-care decision making. This paper provides an overview of the literature on the measurement of...
Persistent link: https://www.econbiz.de/10012892077
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Fair Long-Term Care Insurance
Leroux, M.‐L. - 2019
The study of optimal long-term care (LTC) social insurance is generally carried out under the utilitarian social criterion, which penalizes individuals who have a lower capacity to convert resources into well-being, such as dependent elderly individuals or prematurely dead individuals. This...
Persistent link: https://www.econbiz.de/10012866386