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Intergenerational Transfers, Aging, and Uncertainty

Weil, David N. - 1993

Research on intergenerational transmission of wealth has pointed to uncertainty -- about the date of one's own death, for example -- as a potential source of significant bequest flows. In this paper I examine the effects of this same uncertainty on the behavior of those who expect to receive...

Persistent link: https://www.econbiz.de/10012474469

The Demographics of Innovation and Asset Returns

Gârleanu, Nicolae - 2009

capital of older workers. Due to the lack of inter-generational risk sharing, innovation creates a systematic risk factor …, which we call "displacement risk.'' This risk helps explain several empirical patterns, including the existence of the … growth-value factor in returns, the value premium, and the high equity premium. We assess the magnitude of displacement risk …

Persistent link: https://www.econbiz.de/10012463192

Social Security and Demographic Uncertainty : The Risk Sharing Properties of Alternative Policies

Bohn, Henning - 1999

As the U.S. population ages, the growing retiree-worker ratio increases the burden of public retirement systems. Is it efficient to maintain a defined benefit social security system? Should PAYGO benefits be reduced and private retirement savings be encouraged? The paper examines these questions...

Persistent link: https://www.econbiz.de/10012471770

The distribution of wealth and fiscal policy in economies with finitely lived agents

Benhabib, Jess - 2009

-generational transmission of wealth. Financial markets are incomplete, exposing agents to both labor income and capital income risk. We show … that the stationary wealth distribution is a Pareto distribution in the right tail and that it is capital income risk …

Persistent link: https://www.econbiz.de/10012463917

Uncertainty and the Design of Long-Run Fiscal Policy

Auerbach, Alan J. - 1999

This paper explores optimal fiscal policy in an overlapping-generations general-equilibrium model under uncertainty and the impact on optimal policy of the introduction of a type of policy stickiness intended to account for the stylized fact that major reforms happen infrequently. In general,...

Persistent link: https://www.econbiz.de/10012471764

The Murder-Suicide of the Rentier : Population Aging and the Risk Premium

Kopecky, Joseph - 2020

Population aging has been linked to global declines in real interest rates. A similar trend is seen for equity risk … life-cycle model with equity markets and aggregate risk, and we show that aging demographics can simultaneously account for … both the majority of a downward trend in the risk free rate, while also increasing the return premium attached to risky …

Persistent link: https://www.econbiz.de/10012481900

Has Social Security Influenced Family Formation and Fertility in OECD Countries? An Economic and Econometric Analysis

Ehrlich, Isaac - 2007

There is growing concern about a decline in the total fertility rate worldwide, but nowhere is the concern greater than in OECD countries, some of which already face the prospect of population decline as well. While the trend is largely the result of structural economic and social changes, our...

Persistent link: https://www.econbiz.de/10012465787

On the Consequences of Demographic Change for Rates of Returns to Capital, and the Distribution of Wealth and Welfare

Krueger, Dirk - 2006

mortality risk to quantify the impact of the demographic transition towards an older population in industrialized countries on …

Persistent link: https://www.econbiz.de/10012466211

Demographics, Wealth, and Global Imbalances in the Twenty-First Century

Auclert, Adrien; Malmberg, Hannes; Martenet, Frederic; … - National Bureau of Economic Research - 2021

We use a sufficient statistic approach to quantify the general equilibrium effects of population aging on wealth accumulation, expected asset returns, and global imbalances. Combining population forecasts with household survey data from 25 countries, we measure the compositional effect of aging:...

Persistent link: https://www.econbiz.de/10012616609

Macroeconomics, Aging and Growth

Lee, Ronald - 2016

Inevitable population aging and slower population growth will affect the economies of all nations in ways influenced by cultural values, institutional arrangements, and economic incentives. One outcome will be a tendency toward increased capital intensity, higher wages, and lower returns on...

Persistent link: https://www.econbiz.de/10012456365