We study the effects of an annuity market imperfection on individual agents' labour supply and retirement decisions and …

elasticity of substitution between capital and labor. This is inconsistent with the Uzawa Growth Theorem. We extend Uzawa …'s theorem to show that introducing human capital accumulation in the standard way does not resolve the puzzle. However, balanced … growth is possible if education is endogenous and capital is more complementary with schooling than with raw labor. We …

This paper investigates the conditions under which partial harmonization for capital taxation is sustained in a … repeated interactions model of tax competition when there are three countries with heterogenous capital endowments. We show … harmonization is sustainable or not crucially depends on the extent to which the capital endowment of the medium-sized country is …

We introduce permanently-shifting income shares into a standard growth model with two types of agents. Capital owners … replicate the observed U.S. time paths of the top quintile income share, capital’s share of income, and key macroeconomic … variables over the period 1970 to 2013. For the baseline simulation, the welfare gain for capital owners is 3.7% of per …

transfers over this period is taken into account. We show that the increase in capital's share of total income and the presence … of capital-entrepreneurial skill complementarity are two key features that help support the wages of ordinary workers as …

Production capital and technology, fundamental to understanding output and productivity growth, are unobserved except … of capital and technology for the sample period. We apply the method to annual data from 1947-97 for U.S. total …

How can retirement savings be increased? We explore a unique policy change in the context of the German pension system … these letters on the behavior of individuals. We find an increase in tax-deductible private retirement savings and provide … evidence that this is not due to a crowding-out of other forms of savings. We also show that labor earnings, i.e. the most …

cycle model with state contingent debt, capital-skill complementarity, endogenous skill formation and stochastic shocks to … public consumption as well as total factor and capital equipment productivity. Our main finding is that an empirically …

In this paper, we consider how the hours of work and retirement age ought to respond to a change in the uncertainty of … individuals' labor supply and retirement-decisions, the results show that a decrease in the standard deviation of life …-length leads to an increase in the optimal retirement age and a decrease in the hours of work per period spent working. This result …

agenda. Due to endogenous human capital depreciation the effective retirement age is often below statutory retirement age … resulting in permanent non-employability of older workers. We analyze this phenomenon in a putty-putty human capital vintage … model and focus on education and the speed of human capital depreciation. Introducing a two-stage education system with …