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Capital Accumulation and Annuities in an Adverse Selection Economy
Eichenbaum, Martin S. - 1986
This paper suggests that adverse selection problems in competitive annuity markets can generate quantity constrained equilibria in which some agents whose length of lifetime is uncertain find it advantageous to accumulate capital privately. This occurs despite the higher rates of return on...
Persistent link: https://www.econbiz.de/10012477023
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Intergenerational Risk Sharing
Gordon, Roger H. - 1985
In this paper, we argue that in designing government debt and tax-transfer policies, it is important to consider their implications for the allocation of risk between generations. There is no reason to presume that the market or the family can allocate risk efficiently to future generations,...
Persistent link: https://www.econbiz.de/10012477349
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Individual Risk and Intergenerational Risk Sharing in an Investment-Based Social Security Program
Feldstein, Martin - 1998
This paper examines the risk aspects of a fully phased-in investment-based defined contribution Social Security plan. Individuals save a fraction of wages in a Personal Retirement Account (PRA) invested in a 60:40 equity-debt mix and receive a similarly invested variable annuity from age 67. The...
Persistent link: https://www.econbiz.de/10012471973
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Propagation and Smoothing of Shocks in Alternative Social Security Systems
Auerbach, Alan - 2013
Even with well-developed capital markets, there is no private market mechanism for trading between current and future generations, so a potential role for public old-age pension systems is to spread economic and demographic shocks among different generations. This paper evaluates the smoothing...
Persistent link: https://www.econbiz.de/10012459525
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Demographic Change, Relative Factor Prices, International Capital Flows, and Their Differential Effects on the Welfare of Generations
Ludwig, Alexander - 2007
Demographic change has differential impacts on the welfare of current and future generations. In a simple closed economy, aging -- a relative scarcity of young workers -- increases wages, increasing the welfare of the young. At the same time, population aging will reduce rates of return to...
Persistent link: https://www.econbiz.de/10012465469
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In the Name of the Son (and the Daughter) : Intergenerational Mobility in the United States, 1850-1930
Olivetti, Claudia - 2013
This paper provides a new perspective on intergenerational mobility in the United States in the late 19th and early 20th centuries. We devise an empirical strategy that allows to calculate intergenerational elasticities between fathers and children of both sexes. The key insight of our approach...
Persistent link: https://www.econbiz.de/10012459840
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Social Security as a Financial Asset : Gender-Specific Risks and Returns
Baxter, Marianne - 2001
individuals who differ according to gender; education; race; and age. The main finding is that there are important differences …
Persistent link: https://www.econbiz.de/10012470395
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Gender Differences in Pay
Blau, Francine D. - 2000
We consider the gender pay gap in the United States. Both gender-specific factors, including gender differences in …, importantly influence the gender pay gap. Declining gender differentials in the U.S., and the more rapid closing of the gender pay … gap in the U.S. than elsewhere, appear to be primarily due to gender-specific factors. However, the relatively large …
Persistent link: https://www.econbiz.de/10012471018
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Occupational Gender Composition and Wages in Canada : 1987-1988
Baker, Michael - 1999
The relationship between occupational gender composition and wages is the basis of pay equity/comparable worth … occupational gender segregation in Canada and its consequences for wages. The sample period precedes many provincial pay equity … heterogeneity across worker groups on average, the link between female wages and gender composition is small and not statistically …
Persistent link: https://www.econbiz.de/10012471413
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New Evidence on Sex Segregation and Sex Differences in Wages from Matched Employee-Employer Data
Bayard, Kimberly - 1999
We assemble a new matched employer-employee data set covering essentially all industries and occupations across all regions of the U.S. We use this data set to re-examine the question of the relative contributions to the overall sex gap in wages of sex segregation vs. wage differences by sex...
Persistent link: https://www.econbiz.de/10012471797