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Welfare Cost of (Low) Inflation : A General Equilibrium Perspective
Zee, Howell H. - 1998
This paper provides general equilibrium estimates of the steady-state welfare gains of lowering inflation from a low … tax, it is found that inflation unambiguously reduces capital intensity, drives up the before-tax real rate of return to …
Persistent link: https://www.econbiz.de/10014399602
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Mortgage Market Development, Savings, and Growth
Li, Xiaowei - 2001
Jappelli and Pagano (1994) argues that tightening the borrowing constraints in the mortgage markets promotes savings … savings and growth rates to fall. Therefore, for countries with scarce mortgage availability like those in the Middle East …, expanding the mortgage markets to some extent is conducive to savings and growth …
Persistent link: https://www.econbiz.de/10014403815
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The Intragenerational Redistributive Effects of Unfunded Pension Programs
Cubeddu, Luis M. - 1998
This paper provides a quantitative evaluation of the intracohort redistributive elements of the U.S. social security system in the context of a computable general equilibrium model. It determines how the well-being of individuals that differ by gender, race, and education is affected by the...
Persistent link: https://www.econbiz.de/10014400168
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Demographic transition and pension reforms : adding demographics to GIMF
Carton, Benjamin; Fernandez-Corugedo, Emilio; Hunt, … - 2020
The Global Integrated Monetary and Fiscal model (GIMF) is a multi-region, forward-looking, DSGE model developed at the International Monetary Fund for policy analysis and international economic research. This paper documents the incorporation of demographic features into the model. The analysis...
Persistent link: https://www.econbiz.de/10012300678
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A requiem for the fiscal theory of the price level
Farmer, Roger E. A.; Zabczyk, Pawel - 2019
The Fiscal Theory of the Price Level (FTPL) is the claim that, in a popular class of theoretical models, the price …
Persistent link: https://www.econbiz.de/10012112131
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Aging, secular stagnation and the business cycle
Jones, Callum - 2018
As of 2015, U.S. log output per capita was 12 percent below what its pre-2008 linear trend would predict. To understand why, I develop and estimate a model of the US with demographics, real and monetary shocks, and the occasionally binding ZLB on nominal rates. Demographic changes generate...
Persistent link: https://www.econbiz.de/10011848197
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Implications of More Precise Information for Technological Development and Welfare
Eckwert, Bernhard - 2007
This paper analyzes the dynamic interactions between the precision of information, technological development, and welfare within an overlapping generations model. More precise information about idiosyncratic production shocks has ambiguous effects on technological progress and welfare, which...
Persistent link: https://www.econbiz.de/10014400723
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Unemployment Persistence and Capital Shortage : The Case of Trinidad and tobago
Braumann, Benedikt - 1997
This paper examines the link between capital stock and unemployment persistence. An overlapping-generations model with endogenous labor supply and imperfect competition is presented. It is used to interpret the unusual persistence of unemployment in Trinidad and Tobago during the last twenty...
Persistent link: https://www.econbiz.de/10014400752
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Productivity Shocks, Learning, and Open Economy Dynamics
Miniane, Jacques - 2004
I study the implications of productivity shocks in a model where agents observe the aggregate level of productivity but not its permanent and transitory components separately. The model''s predictions under learning differ substantially from those under full information and are in line with...
Persistent link: https://www.econbiz.de/10014400934
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Migration and Pension
Sadka, Efraim - 1998
Migrants, being relatively low earners, are net beneficiaries of the welfare state. However, this paper uses a dynamic model to show that because of migrants’ positive influence on the pension system, which is an important pillar of any welfare state, migration could be beneficial to all...
Persistent link: https://www.econbiz.de/10014401510