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Heterogeneous Life-Cycle Profiles, Income Risk and Consumption Inequality
Primiceri, Giorgio; van Rens, Thijs - Institute for the Study of Labor (IZA) - 2007
Was the increase in income inequality in the US due to permanent shocks or merely to an increase in the variance of transitory shocks? The implications for consumption and welfare depend crucially on the answer to this question. We use CEX repeated cross-section data on consumption and income to...
Persistent link: https://www.econbiz.de/10005703321
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Labor Market Institutions and the Cost of Recessions
Krebs, Tom; Scheffel, Martin - 2016
search unemployment, skill depreciation during unemployment, and idiosyncratic as well as aggregate labor market risk. The …
Persistent link: https://www.econbiz.de/10011653170
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Human Capital Risk, Contract Enforcement, and the Macroeconomy
Krebs, Tom; Kuhn, Moritz; Wright, Mark L. J. - 2015
households with children are under-insured against the risk that an adult member of the household dies. We develop a tractable … macroeconomic model with human capital risk, age-dependent returns to human capital investment, and endogenous borrowing constraints …
Persistent link: https://www.econbiz.de/10011307429
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Insurance in Human Capital Models with Limited Enforcement
Krebs, Tom; Kuhn, Moritz; Wright, Mark L. J. - 2016
populated by a large number of long-lived, risk-averse households with homothetic preferences who can invest in risk … households less than half of human capital risk is insured and the welfare losses due to the lack of insurance range from 3 …
Persistent link: https://www.econbiz.de/10011494320
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Trade, Human Capital, and Income Risk
Deng, Liuchun; Krishna, Pravin; Senses, Mine Zeynep; … - 2021
In this paper, we empirically assess the causal relationship between trade and individual income risk and study the … from 1976 to 2012. Our estimates suggest substantial heterogeneity in labor income risk across workers in different entry … exports (per worker) are strongly and causally related to income risk: Imports increase risk and exports decrease risk, and …
Persistent link: https://www.econbiz.de/10012882529
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Consumption Choices and Earnings Expectations: Empirical Evidence and Structural Estimation
Stoltenberg, Christian A.; Uhlendorff, Arne - 2022
In this paper, we document that households’ consumption expenditures depend on their expected earnings – even after controlling for realized earnings and wealth. To explain this evidence, we develop and structurally estimate a standard-incomplete markets model in which rational households...
Persistent link: https://www.econbiz.de/10013351982
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Heterogeneous Life-Cycle Profiles, Income Riskand Consumption Inequality
Primiceri, Giorgio E.; Rens, Thijs van - Forschungsinstitut zur Zukunft der Arbeit <Bonn> - 2007
Was the increase in income inequality in the US due to permanent shocks or merely to anincrease in the variance of transitory shocks? The implications for consumption and welfaredepend crucially on the answer to this question. We use CEX repeated cross-section data onconsumption and income to...
Persistent link: https://www.econbiz.de/10005861079
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Evaluating Welfare and Economic Effects of Raised Fertility
Makarski, Krzysztof; Tyrowicz, Joanna; Malec, Magda - 2019
Many countries consider rising fertility through pro-family policies as a solution to the fiscal pressure stemming from longevity. However, an increased number of births implies immediate private costs and only delayed public benefits of younger and larger population. We propose using an...
Persistent link: https://www.econbiz.de/10012005973
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On Welfare Effects of Increasing Retirement Age
Makarski, Krzysztof; Tyrowicz, Joanna - 2018
We develop an OLG model with realistic assumptions about longevity to analyze the welfare effects of raising the retirement age. We look at a scenario where an economy has a pay-as-you-go defined benefit scheme and compare it to a scenario with defined contribution schemes (funded or notional)....
Persistent link: https://www.econbiz.de/10011873445
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Inequality in an OLG Economy with Heterogeneous Cohorts and Pension Systems
Tyrowicz, Joanna; Makarski, Krzysztof; Bielecki, Marcin - 2018
We analyze the consumption and wealth inequality in an OLG model with mandatory pension systems. Our framework features within cohort heterogeneity of endowments and heterogeneity of preferences. We allow for population aging and gradual decline in TFP growth. We show four main results. First,...
Persistent link: https://www.econbiz.de/10011931586