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Projecting Behavioral Responses to the Next Generation of Retirement Policies
Gustman, Alan L.; Steinmeier, Thomas - National Bureau of Economic Research (NBER) - 2007
This paper examines retirement and related behavioral responses to policies that on average are actuarially neutral. Many conventional models predict that actuarially neutral policies will not affect retirement behavior. In contrast, our model allows those with high time preference rates to find...
Persistent link: https://www.econbiz.de/10005828535
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Comparison Utility in a Growth Model
Carroll, Christopher; Weil, David; Overland, Jody - National Bureau of Economic Research (NBER) - 1997
This paper compares the dynamics of two general equilibrium models of endogenous growth in which agents have comparison utility.' In the inward-looking' economy, individuals care about how their consumption in the current period compares to their own consumption in the past (one way to describe...
Persistent link: https://www.econbiz.de/10005828579
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Borrowing Costs and the Demand for Equity Over the Life Cycle
Davis, Steven; Kubler, Felix; Willen, Paul - National Bureau of Economic Research (NBER) - 2002
We analyze consumption and portfolio behavior in a life-cycle model with realistic borrowing costs and income processes. We show that even a small wedge between borrowing costs and the risk-free return dramatically shrinks the demand for equity. When the cost of borrowing equals or exceeds the...
Persistent link: https://www.econbiz.de/10005828605
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Liquidity Constraints and Housing Prices: Theory and Evidence from the VA Mortgage
Vigdor, Jacob - National Bureau of Economic Research (NBER) - 2004
This paper employs a simple intertemporal model to show that presence of liquidity constraints can depress the price of a durable good below its net present rental value, regardless of the overall supply elasticity. The existence of price effects implies that the relaxation of liquidity...
Persistent link: https://www.econbiz.de/10005828705
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Dynamic Inefficiencies in Employment-Based Health Insurance System Theory and Evidence
Fang, Hanming; Gavazza, Alessandro - National Bureau of Economic Research (NBER) - 2007
derive implications of employees' turnover on the incentives to undertake health investment. Our model suggests that employee … turnovers lead to dynamic inefficiencies in health investment, and particularly, it suggests that employment-based health …. Moreover, we show that under-investment in health is positively related to the turnover rate of the workers' industry and …
Persistent link: https://www.econbiz.de/10005829180
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The Dissaving of the Aged Revisited: The Case of Japan
Horioka, Charles Yuji - National Bureau of Economic Research (NBER) - 2006
In this paper, I survey the previous literature on the saving behavior of the aged in Japan and then present some survey data on the saving behavior of the aged in Japan that became available recently. To summarize the main findings of this paper, all previous studies as well as the newly...
Persistent link: https://www.econbiz.de/10005829201
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Precautionary Saving and Consumption Fluctuations
Parker, Jonathan A.; Preston, Bruce - National Bureau of Economic Research (NBER) - 2002
This paper uses data on the expenditures of households to explain movements in the average growth rate of consumption in the U.S. from the beginning of 1982 to the end of 1997. We propose and implement a decomposition of consumption growth into series representing four proximate causes. These...
Persistent link: https://www.econbiz.de/10005829426
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A Theory of Retirement
Bloom, David; canning, david; Moore, Michael John - National Bureau of Economic Research (NBER) - 2007
We construct a life-cycle model in which retirement occurs at the end of life as a result of declining health. We show that improvements in life expectancy, coupled with a delay in the onset of disability, increases both the optimal consumption level and the proportion of life spent in leisure....
Persistent link: https://www.econbiz.de/10005829539
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How Does Charitable Giving Respond to Incentives and Income? Dynamic Panel Estimates Accounting for Predictable Changes in Taxation
Bakija, Jon; Heim, Bradley T. - National Bureau of Economic Research (NBER) - 2008
We estimate the elasticity of charitable giving with respect to its price and after-tax income using a panel of over 550,000 disproportionately high-income tax returns spanning the years 1979 through 2005. Improvements relative to the previous literature include: using state tax variation to...
Persistent link: https://www.econbiz.de/10005829695
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Constrained After College: Student Loans and Early Career Occupational Choices
Rothstein, Jesse; Rouse, Cecilia Elena - National Bureau of Economic Research (NBER) - 2007
employment outcomes. In the standard life-cycle model, young people make optimal educational investment decisions if they are …
Persistent link: https://www.econbiz.de/10005829704