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Government Debt as Insurance against Macroeconomic Risk
Barbie, Martin; Hagedorn, Marcus; Kaul, Ashok - 2001
Is there a role for debt beyond curing overaccumulation of capital? Does dynamic efficiency and the infeasibility of debt Ponzi schemes eliminate any Pareto-improving role for a government in a competitive economy with complete markets? Is there an optimal maturity structure of public debt?...
Persistent link: https://www.econbiz.de/10010262613
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The role of real wage rigidity and labor market frictions for unemployment and inflation dynamics
Christoffel, Kai; Linzert, Tobias - 2005
employment and hours affecting inflation dynamics via marginal costs. We find that the response of unemployment and inflation to … persistent movements of aggregate inflation. Moreover, the impact of a monetary policy shock on unemployment and inflation …
Persistent link: https://www.econbiz.de/10010267287
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The Impact of Labor Market Reforms on Capital Flows, Wages and Unemployment
Beissinger, Thomas - 2001
The paper contributes to the globalization debate by scrutinizing the international spillover effects which are provoked if a single country reduces the generosity of the unemployment compensation system or weakens labor union power. For this purpose a two-country model with imperfect...
Persistent link: https://www.econbiz.de/10010262594
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Fostering Within-Family Human Capital Investment: An Intragenerational Insurance Perspective of Social Security
Kaul, Ashok; Hagedorn, Marcus; Barbie, Martin - 2002
We develop a general equilibrium stochastic OLG model with heterogenous households. Households differ with respect to their productivity. Productivity depends stochastically on parents' unobservable investment in their child's human capital and an aggregate productivity shock. We introduce a...
Persistent link: https://www.econbiz.de/10010262139
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Dynamic Efficiency and Pareto Optimality in a Stochastic OLG Model with Production and Social Security
Barbie, Martin; Hagedorn, Marcus; Kaul, Ashok - 2000
We analyze the interaction between risk sharing and capital accumulation in a stochastic OLG model with production. We give a complete characterization of interim Pareto optimality. Our characterization also subsumes equilibria with a PAYG social security system. In a competitive equilibrium...
Persistent link: https://www.econbiz.de/10010262415
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Asymmetric labor market institutions in the EMU and the volatility of inflation and unemployment differentials
Abbritti, Mirko; Mueller, Andreas I. - 2012
and real wage rigidities. In our analysis, we focus on the differentials in inflation and unemployment between countries … inflation and unemployment differentials. Second, we find that asymmetries in labor market structures tend to increase the … volatility of both inflation and unemployment differentials. Finally, we show that it is important to take into account the …
Persistent link: https://www.econbiz.de/10010282566
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Samuelson's Contributions to Population Theory and Overlapping Generations in Economics
Lee, Ronald D. - 2019
Paul Samuelson made a series of important contributions to population theory for humans and other species, evolutionary … theory, and the theory of age structured life cycles in economic equilibrium and growth. The work is highly abstract but much …
Persistent link: https://www.econbiz.de/10012059172
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Pension Policies in a Model with Endogenous Fertility
Cipriani, Giam Pietro; Pascucci, Francesco - 2018
We set up an overlapping generations model with endogenous fertility to study pensions policies in an ageing economy. We show that an increasing life expectancy may not be detrimental for the economy or the pension system itself. On the other hand, conventional policy measures, such as...
Persistent link: https://www.econbiz.de/10011873515
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Aging and pensions in general equilibrium: Labor market imperfections matter
de la Croix, David; Pierrard, Olivier; Sneessens, Henri R. - 2010
This paper re-examines the effects of population aging and pension reforms in an OLG model with labor market frictions. The most important feature brought about by labor market frictions is the connection between the interest rate and the unemployment rate. Exogenous shocks (such as aging)...
Persistent link: https://www.econbiz.de/10010274555
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Demography and Provisions for Retirement: The Pension Composition, a Behavioral Approach
van Praag, Bernard M. S.; Hop, J. Peter - 2020
Pensions may be provided for in a modern society by a mix of several methods, namely by voluntary individual savings, mandatory fully-funded occupational pension systems, mandatory social security financed by pay-as-you-go, and old-fashioned hoarding in cash. Here, we call the specific mixture...
Persistent link: https://www.econbiz.de/10012180102