Showing 1 - 10 of 2,159
In this paper we examine the role of mortgage equity withdrawal in explaining the decline of the US saving rate, since when house prices rise and mortgage rates are low, homeowners have an incentive to withdraw housing equity and this may affect the saving rate. We estimate a Vector Error...
Persistent link: https://www.econbiz.de/10013090336
We explore empirically how capital inflows into the US and financial deregulation within the United States interacted in driving the run-up (and subsequent decline) in US housing prices over the period 1990-2012. To obtain an ex ante measure of financial liberalization, we focus on the history...
Persistent link: https://www.econbiz.de/10013023109
Using an intertemporal model of saving and capital accumulation with two types of agents (workers and capitalists) we demonstrate that it is impossible for any binding minimum wage to increase the after-tax incomes of workers if the production function is Cobb-Douglas with constant returns to...
Persistent link: https://www.econbiz.de/10012988396
higher marriage rates and higher divorce rates will be associated with higher savings rates in the presence of economies of … marriage and with lower savings rates in the presence of diseconomies of marriage. In the context of traditional gender roles … traditional gender roles and marital status to understanding cross-country variation in gender differentials in savings behavior …
Persistent link: https://www.econbiz.de/10013139496
generalized Keynes-Ramsey rule includes a precautionary savings term. A phase diagram analysis illustrates consumption and wealth …
Persistent link: https://www.econbiz.de/10013144214
This paper studies second best policies for education, saving, and labour in an OLG model in which endogenous growth results from human capital accumulation. Government expenditures have to be financed by linear instruments so that growth equilibria are inefficient. The inefficiency is...
Persistent link: https://www.econbiz.de/10013146790
This paper analyzes optimal linear taxes on labor income and savings in a standard two-period life-cycle model with …
Persistent link: https://www.econbiz.de/10013155825
We study the short-, medium-, and long-run implications of stimulating annuity markets in a dynamic general-equilibrium overlapping-generations model. We find that beneficial partial-equilibrium effects of stimulating annuity markets are counteracted by negative general-equilibrium...
Persistent link: https://www.econbiz.de/10013051616
We study the impact of heterogeneous saving behavior on the distributional effects of public investment. A capital tax is levied to finance productive public capital in an economy with two types of households: high income households who save dynastically and middle income households who save for...
Persistent link: https://www.econbiz.de/10013055386
According to empirical studies, the life cycle of labor supply volatility exhibits a U-shaped pattern. This may lead to the conclusion that demographic change induces a drop in output volatility. We present an overlapping generations model that replicates the empirically observed pattern and...
Persistent link: https://www.econbiz.de/10013059476