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Intergenerational Risk Sharing in the Spirit of Arrow, Debreu, and Rawls, with Applications to Social Security Design

Ball, Laurence - 2001

This paper examines the optimal allocation of risk in an overlapping-generations economy. It compares the allocation of risk the economy reaches naturally to the allocation that would be reached if generations behind a Rawlsian 'veil of ignorance' could share risk with one another through...

Persistent link: https://www.econbiz.de/10012470454

Risk Sharing in Defined-Contribution Funded Pension Systems

Beetsma, Roel M. W. J. - 2011

This paper explores the introduction of collective risk-sharing elements in defined contribution pension contracts. We consider status-contingent, age-contingent and asset contingent risk-sharing arrangements. All arrangements raise aggregate welfare, as measured by equivalent variations. While...

Persistent link: https://www.econbiz.de/10013118167

Financial Markets, the Real Economy, and Self-fulfilling Uncertainties

Benhabib, Jess - 2018

informational interdependence between financial markets and the real economy, linking uncertainty to information production and … joint information productions determine both the allocative efficiency in the real sector and the market efficiency in the … financial sector. The mutual learning creates a strategic complementarity between information production in the financial sector …

Persistent link: https://www.econbiz.de/10012480637

Ageing, Government Budgets, Retirement, and Growth

Gonzalez-Eiras, Martín - 2011

We analyze the short and long run effects of demographic ageing - increased longevity and reduced fertility - on per-capita growth. The OLG model captures direct effects, working through adjustments in the savings rate, labor supply, and capital deepening, and indirect effects, working through...

Persistent link: https://www.econbiz.de/10013129861

The Welfare Gains of Age Related Optimal Income Taxation

Bastani, Spencer - 2010

Using a calibrated overlapping generations model we quantify the welfare gains of an age dependent income tax. Agents face uncertainty regarding future abilities and can by saving transfer consumption across periods. The welfare gain of switching from an age-independent to an age-dependent...

Persistent link: https://www.econbiz.de/10013136607

Fertility, Female Labor Supply, and Family Policy

Fehr, Hans - 2011

The present paper develops a general equilibrium model with overlapping generations and endogenous fertility in order to analyze the interaction between public policy and household labor supply and fertility decisions. The model's benchmark equilibrium reflects the current family policy...

Persistent link: https://www.econbiz.de/10013124970

Generational Conflict, Human Capital Accumulation, and Economic Growth

Holtz-Eakin, Douglas - 2000

Worldwide, dependency ratios are forecast to increase dramatically in the next 50 years. A great deal of attention has been devoted to understanding the changes in fiscal policies that must' take place to accommodate these changes. In contrast, less effort has been concentrated on studying the...

Persistent link: https://www.econbiz.de/10012470988

Forward and Backward Intergenerational Goods : A Theory of Intergenerational Exchange

Rangel, Antonio - 2000

This paper develops a theory of intergenerational exchange for generations that are either selfish or have non-dynastic altruism. The main building blocks of the theory are forward and backward intergenerational goods (FIGs and BIGs) and the relationship between them. A FIG is a transfer from...

Persistent link: https://www.econbiz.de/10012471256

Simulating the Transmission of Wealth Inequity via Bequests

Gokhale, Jagadeesh - 1999

This paper develops, calibrates, and simulates a dynamic 88-period OLG model to study the intergenerational transmission of U.S. wealth inequality via bequests. The model features marriage, realistic fertility patterns, random death, assortative mating based on skills, heterogeneous skill...

Persistent link: https://www.econbiz.de/10012471605

Unskilled Migration : A Burden or a Boon for the Welfare State

Razin, Assaf - 1999

In a static setup, migration of unskilled labor may be resisted by the entire native-born population because, being relatively low earners, migrants are net beneficiaries of the fiscal system. However, the paper shows that with a pay-as-you-go pension, an important pillar of the welfare state,...

Persistent link: https://www.econbiz.de/10012471787

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