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Social security and the interactions between aggregate and idiosyncratic risk

Harenberg, Daniel; Ludwig, Alexander - 2014 - This Version: July 9, 2014

We ask whether a PAYG-financed social security system is welfare improving in an economy with idiosyncratic and aggregate risk. We argue that interactions between the two risks are important for this question. One is a direct interaction in the form of a countercyclical variance of idiosyncratic...

Persistent link: https://www.econbiz.de/10010374428

Social security in an analytically tractable overlapping generations model with aggregate and idiosyncratic risk

Harenberg, Daniel; Ludwig, Alexander - 2015 - This Version: April 13, 2015

When markets are incomplete, social security can partially insure against idiosyncratic and aggregate risks. We incorporate both risks into an analytically tractable model with two overlapping generations. We derive the equilibrium dynamics in closed form and show that joint presence of both...

Persistent link: https://www.econbiz.de/10012061588

Social security in an analytically tractable overlapping generations model with aggregate and idiosyncratic risk

Harenberg, Daniel; Ludwig, Alexander - 2014 - This Version: September 22, 2014

When markets are incomplete, social security can partially insure against idiosyncratic and aggregate risks. We incorporate both risks into an analytically tractable model with two overlapping generations and demonstrate that they interact over the life-cycle. The interactions appear even though...

Persistent link: https://www.econbiz.de/10010419846

Endogenous retirement behavior of heterogeneous households under pension reforms

Börsch-Supan, Axel; Härtl, Klaus; Leite, Duarte; … - 2018 - This draft: 25 April 2018

We propose a unified framework to measure the effects of different reforms of the pension system on retirement ages and macroeconomic indicators in the face of demographic change. A rich overlapping generations (OLG) model is built and endogenous retirement decisions are explicitly modeled...

Persistent link: https://www.econbiz.de/10011891939

Gender identity and womens' supply of labor and non-market work : panel data evidence for Germany

Wieber, Anna; Holst, Elke - 2015

Germany. They found that women who would earn more than their husbands distort their labor market outcome in order not to … labor supply of full time working women, but only in Western Germany. We also show that gender identity affects the supply … a higher income than their husbands, we find for Germany that women only barely reduce their weekly hours of non …

Persistent link: https://www.econbiz.de/10011391706

Risk perception of climate change : empirical evidence for Germany

Frondel, Manuel; Simora, Michael; Sommer, Stephan - 2017

The perception of risks associated with climate change appears to be a key factor for the support of climate policy measures. Using a generalized ordered logit approach and drawing on a unique data set originating from two surveys conducted in 2012 and 2014, each among more than 6,000 German...

Persistent link: https://www.econbiz.de/10011608005

Higher-order income risk over the business cycle

Busch, Christopher; Ludwig, Alexander - 2020

We extend the canonical income process with persistent and transitory risk to shock distributions with left-skewness and excess kurtosis, to which we refer as higherorder risk. We estimate our extended income process by GMM for household data from the United States. We find countercyclical...

Persistent link: https://www.econbiz.de/10012182809

Heterogeneity in residential electricity consumption : a quantile regression approach

Frondel, Manuel; Sommer, Stephan; Vance, Colin - 2017

Drawing on the most recent wave of the German Residential Energy Survey (GRECS), this paper estimates the contribution of individual appliances to household electricity consumption. Moving beyond the standard focus of estimating mean effects, we combine the conditional demand approach with...

Persistent link: https://www.econbiz.de/10011764517

Switching on electricity demand response : evidence for German households

Frondel, Manuel; Kussel, Gerhard - 2018

changes conditional on price knowledge is scant. Using panel data originating from Germany’s Residential Energy Consumption …

Persistent link: https://www.econbiz.de/10011897241

The German productivity paradox : facts and explanations

Elstner, Steffen; Feld, Lars P.; Schmidt, Christoph M. - 2018

Despite massive digitization efforts, the German economy has experienced a marked slowdown in its productivity growth. This paper analyzes the reasons behind this disconcerting development. A major factor is the turnaround of the labor market that commenced around 2005. The successful...

Persistent link: https://www.econbiz.de/10011897954