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This paper studies second-best policies in an OLG model in which endogenous growth results from human capital accumulation. When young, individuals decide on education, saving, and nonqualified labour. When old, individuals supply qualified labour. Growth equilibria are inefficient in...
Persistent link: https://www.econbiz.de/10013149817
There is strong evidence about a home-court advantage in international portfolioquot; investment. One explanation for the bias is an information asymmetry between domestic andquot; foreign investors about the economic performance of domestic firms. This asymmetry causesquot; two types of...
Persistent link: https://www.econbiz.de/10012774918
model which features compulsory savings accounts and transparent pricing of health services. It has achieved some of the … how tax cuts can be designed to help establish compulsory savings accounts so that a publicly funded welfare system can be … also key differences. We present a new unified approach to the funding of health, retirement and risk-cover (for events …
Persistent link: https://www.econbiz.de/10012960259
countries with insufficiently developed capital markets. This paper analyzes the problem of channeling domestic savings into …
Persistent link: https://www.econbiz.de/10012752887
In this survey, I summarize and evaluate the extant literature concerning taxation and personal saving. I describe the theoretical models that economists have used to depict saving decisions, and I explore the positive and normative implications of these models. The central positive question is...
Persistent link: https://www.econbiz.de/10013323998
We examine six alternative plans which might be discussed in an effort to increase consumer savings through the … personal income tax system in the United States. These plans attempt to affect savings through an increase in the real rate of … return either by direct tax cuts on savings or by indexing tax rates against inflation. The paper presents estimates of …
Persistent link: https://www.econbiz.de/10013322914
Microdata studies of household saving often find a significant group in the population with virtually no wealth, raising concerns about heterogeneity in motives for saving. In particular, this heterogeneity has been interpreted as evidence against the life-cycle model of saving. This paper...
Persistent link: https://www.econbiz.de/10013118750
response to earnings risk based on Euler equation estimates. To address endogeneity problems, we use Norwegian administrative …
Persistent link: https://www.econbiz.de/10012962717
We estimate the fraction of the wealth of a sample of PSID respondents that is held because some households face greater income uncertainty than others. We first derive an equation characterizing the theoretical relationship between wealth and uncertainty in a buffer-stock model of saving. Next,...
Persistent link: https://www.econbiz.de/10013240630
(and the coefficient of relative risk aversion) from regressions of consumption growth on uncertainty in consumption growth … imply estimates of prudence and risk aversion that are unrealistically low. Using numerical solutions to a fairly standard …
Persistent link: https://www.econbiz.de/10013245738