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Fisher, Walter H.; Heijdra, Ben J. - 2007

In this paper we consider the implications of relative consumption externalities in the Blanchard-Yaari overlapping generations framework. Unlike most of the macroeconomic literature that studies this question, the differences between agents, and, thus, in their relative position, persist in...

Persistent link: https://www.econbiz.de/10010294031

Growth and the ageing Joneses

H. Fisher, Walter; Heijdra, Ben J. - 2008

We incorporate Keeping-up-with-the-Joneses (KUJ) preferences into the Blanchard-Yaari (BY) framework and develop, using an AK technology, a model of balanced growth. In this context we investigate status preference, demographic, and pension policy shocks. We find that a higher degree of KUJ...

Persistent link: https://www.econbiz.de/10010294036

Ageing and growth in the small open economy

Heijdra, Ben J.; Romp, Ward E. - 2006

We construct an overlapping generations model for the small open economy which incorporates a realistic description of the mortality process. Agents engage in educational activities at the start of life and thus create human capital to be used later on in life for production purposes. Depending...

Persistent link: https://www.econbiz.de/10010263930

Retirement, pensions, and ageing

Heijdra, Ben J.; Romp, Ward E. - 2007

We study the effects of demographic shocks and changes in the pension system on the macroeconomic performance of an advanced small open economy. An overlapping-generations model is constructed which includes a realistic description of the mortality process. Individual agents choose their optimal...

Persistent link: https://www.econbiz.de/10010264112

Growth and the ageing Joneses

Fisher, Walter H.; Heijdra, Ben J. - 2008

Persistent link: https://www.econbiz.de/10010264491

Annuity market imperfection, retirement and economic growth

Heijdra, Ben J.; Mierau, Jochen O. - 2009

We study the effects of an annuity market imperfection on individual agents' labour supply and retirement decisions and on the macroeconomic growth rate in an overlapping generations model with endogenous growth. We model imperfect annuities by introducing a load factor on the interest rate...

Persistent link: https://www.econbiz.de/10010266022

The tragedy of annuitization

Heijdra, Ben J.; Mierau, Jochen O.; Reijnders, Laurie S. M. - 2010

competitive life insurance market offering actuarially fair annuities. There exists a tragedy of annuitization: although full …

Persistent link: https://www.econbiz.de/10010270647

Economic growth and longevity risk with adverse selection

Heijdra, Ben J.; Reijnders, Laurie S. M. - 2009

fair perfect insurance. In the SE all agents are savers throughout their lives. The informational asymmetry precludes the … rather small, whilst those of PE versus no annuities at all (NAE) are rather large. An imperfect insurance is better than no … insurance at all, both at the microeconomic and at the macroeconomic level. …

Persistent link: https://www.econbiz.de/10010274230

Stimulating Annuity Markets

Heijdra, Ben J.; Mierau, Jochen O.; Trimborn, Timo - 2014

We study the short-, medium-, and long-run implications of stimulating annuity markets in a dynamic general-equilibrium overlapping-generations model. We find that beneficial partial-equilibrium effects of stimulating annuity markets are counteracted by negative general-equilibrium...

Persistent link: https://www.econbiz.de/10010398668

Life in Shackles? The Quantitative Implications of Reforming the Educational Loan System

Heijdra, Ben J.; Kindermann, Fabian; Reijnders, Laurie S. M. - 2014

In this paper we conduct a quantitative analysis of a number of stylized educational loan systems. We develop a stochastic general equilibrium model of a closed economy with a competitive firm sector and a government that levies taxes and administers educational loans. Individuals are...

Persistent link: https://www.econbiz.de/10010420727