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Optimal Taxation and Social Insurance with Endogenous Private Insurance

Chetty, Raj - 2013

This paper characterizes the welfare gains from redistributive taxation and social insurance in an environment where the private sector provides partial insurance. We analyze stylized models in which adverse selection, pre-existing information, or imperfect optimization in private insurance...

Persistent link: https://www.econbiz.de/10012753423

The Rise in Life Expectancy, Health Trends Among the Elderly, and the Demand for Care - a Selected Literature Review

Lindgren, Bjorn - 2016

The objective is to review the evidence on (a) ageing and health and (b) the demand for health- and social services among the elderly. Issues are: does health status of the elderly improve over time, and how do the trends in health status of the elderly affect the demand for health- and elderly...

Persistent link: https://www.econbiz.de/10012984771

Health and Mortality Delta : Assessing the Welfare Cost of Household Insurance Choice

Koijen, Ralph S. J. - 2011

We develop a pair of risk measures, health and mortality delta, for the universe of life and health insurance products. A life-cycle model of insurance choice simplifies to replicating the optimal health and mortality delta through a portfolio of insurance products. We estimate the model to...

Persistent link: https://www.econbiz.de/10013121063

Fiscal Limits in Advanced Economies

Leeper, Eric M. - 2011

Aging populations in advanced economies are placing ever-increasing demands on government spending in the form of old-age benefits. Economies that have promised substantially more benefits than they have made provision to finance are heading into a prolonged era of fiscal stress. Unresolved...

Persistent link: https://www.econbiz.de/10013129132

Advances in Consumption-Based Asset Pricing : Empirical Tests

Ludvigson, Sydney C. - 2011

The last 15 years has brought forth an explosion of research on consumption-based asset pricing as a leading contender for explaining aggregate stock market behavior. This research has propelled further interest in consumption-based asset pricing, as well as some debate. This chapter surveys the...

Persistent link: https://www.econbiz.de/10013129191

Transition to FDI Openness : Reconciling Theory and Evidence

McGrattan, Ellen R. - 2011

conclusive evidence that they are positive, as theory predicts. This paper shows that the lack of empirical evidence is … consistent with theory if countries are in transition to FDI openness. Anticipated welfare gains lead to temporary declines in … reconciliation of theory and evidence is accomplished with a multicountry dynamic general equilibrium model parameterized with data …

Persistent link: https://www.econbiz.de/10013130264

Investors' and Central Bank's Uncertainty Embedded in Index Options

David, Alexander - 2011

Shocks to equity options' ATM implied volatility (ATMIV) are followed by persistently lower short-term rates. Shocks to the ratio of OTM puts' over OTM calls' implied volatilities (P/C) are followed by persistently higher rates. The stock's and Treasury-bond's ATMIV indices, which measure market...

Persistent link: https://www.econbiz.de/10013130555

Six Distributional Effects of Environmental Policy

Fullerton, Don - 2011

While prior literature has identified various effects of environmental policy, this note uses the example of a proposed carbon permit system to illustrate and discuss six different types of distributional effects: (1) higher prices of carbon-intensive products, (2) changes in relative returns to...

Persistent link: https://www.econbiz.de/10013131305

Inflation Targeting

Svensson, Lars E. O. - 2011

-market economies. The chapter discusses the history, macroeconomic effects, theory, practice, and future of inflation targeting …

Persistent link: https://www.econbiz.de/10013131986

Identification and Inference in Linear Stochastic Discount Factor Models with Excess Returns

Burnside, A. Craig - 2010

When excess returns are used to estimate linear stochastic discount factor (SDF) models, researchers often adopt a normalization of the SDF that sets its mean to 1, or one that sets its intercept to 1. These normalizations are often treated as equivalent, but they are subtly different both in...

Persistent link: https://www.econbiz.de/10013134862

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