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Lessons of the Financial Crisis for the Design of National Pension Systems
Burtless, Gary - 2009
The recent financial crisis and historical record suggest important lessons about the design of national pension systems. First, wide fluctuation in asset returns makes it hard for well-informed savers to select a saving rate or a sensible investment strategy for DC pensions. Workers who follow...
Persistent link: https://www.econbiz.de/10013157457
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Double Diversification with an Application to Iceland
Gylfason, Thorvaldur - 2015
diversification as an essential aspect of national risk management aimed at promoting efficiency, growth, and welfare. The paper first … presents economic and political diversification side by side in a cross-country framework and discusses how they interact and … effects of insufficient economic and insufficient political diversification. Dominated for decades by the fishing industry …
Persistent link: https://www.econbiz.de/10013020575
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Beyond the DSGE Straitjacket
Pesaran, M. Hashem - 2011
Academic macroeconomics and the research department of central banks have come to be dominated by Dynamic, Stochastic, General Equilibrium (DSGE) models based on micro-foundations of optimising representative agents with rational expectations. We argue that the dominance of this particular sort...
Persistent link: https://www.econbiz.de/10013125067
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Estimation of Heterogeneous Agent Models : A Likelihood Approach
Parra-Alvarez, Juan Carlos - 2020
In this paper, we study the statistical properties of heterogeneous agent models with incomplete markets. Using a Bewley-Hugget-Aiyagari model we compute the equilibrium density function of wealth and show how it can be used for likelihood inference. We investigate the identifiability of the...
Persistent link: https://www.econbiz.de/10012853321
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Partially Adaptive Econometric Methods and the Modern Obesity Epidemic
Carson, Scott A. - 2018
Assumptions about explanatory variables and errors are central in regression analysis. For example, the well-known method of ordinary least squares yields consistent and efficient estimators if the underlying error terms are independently, identically, and normally distributed. Additionally, the...
Persistent link: https://www.econbiz.de/10012915193
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Econometric Analysis of High Dimensional VARs Featuring a Dominant Unit
Pesaran, M. Hashem - 2010
This paper extends the analysis of infinite dimensional vector autoregressive models (IVAR) proposed in Chudik and Pesaran (2010) to the case where one of the variables or the cross section units in the IVAR model is dominant or pervasive. This extension is not straightforward and involves...
Persistent link: https://www.econbiz.de/10013143234
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How Much Do Means-Tested Benefits Reduce the Demand for Annuities?
Butler, Monika - 2011
We analyze the effect of means-tested benefits on annuitization decisions. Most industrialized countries provide a subsistence level consumption floor in old age, usually in the form of means-tested benefits. The availability of such means-tested payments creates an incentive to cash out...
Persistent link: https://www.econbiz.de/10013123214
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Taxes and Pensions
Diamond, Peter A. - 2009
Pension benefit rules depend on individual history far more than taxes do, and age plays a much larger role in pension determination than in tax determination. Apart from some simulation studies, theoretical studies of optimal tax design typically contain neither a mandatory pension system nor...
Persistent link: https://www.econbiz.de/10013160217
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Pension Funding and Individual Accounts in Economies with Life-Cyclers and Myopes
Fehr, Hans - 2009
The present paper studies the growth and efficiency consequences of pension funding with individual retirement accounts in a general equilibrium overlapping generations model with idiosyncratic lifespan and labor income uncertainty. We distinguish between economies with rational and hyperbolic...
Persistent link: https://www.econbiz.de/10013157654
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Annuity Market Imperfection, Retirement and Economic Growth
Heijdra, Ben J. - 2009
We study the effects of an annuity market imperfection on individual agents' labour supply and retirement decisions and on the macroeconomic growth rate in an overlapping generations model with endogenous growth. We model imperfect annuities by introducing a load factor on the interest rate...
Persistent link: https://www.econbiz.de/10013157843