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INTERGENERATIONAL RISK SHARING BY MEANS OF PAY-AS-YOU-GO PROGRAMS - AN INVESTIGATION OF ALTERNATIVE MECHANISMS

Thøgersen, Øystein - CESifo GmbH <München> - 2006

A pay-as-you-go (paygo) pension program may provide intergenerational pooling of risks toindividuals´ labor and capital income over the life cycle. By means of a model that providesilluminating closed form solutions, we demonstrate that the magnitude of the optimal paygoprogram and the nature...

Persistent link: https://www.econbiz.de/10005861192

CAN PAY-AS-YOU-GO PENSIONS RAISE THECAPITAL STOCK?

Roberts, Mark - University <Nottingham> / Department of Economics - 2002

We reconsider pay-as-you-go pensions (PAYG) policy in a version of the Diamond(1965) overlapping generations model with … capital:the well-known negative crowding-out effect in displacing savings and a positiveeffect in reducing a second form of … crowding-out caused by the displacement of"productive savings" in capital by "non-productive savings" in financial sector …

Persistent link: https://www.econbiz.de/10005868942

CAN THE CAPITAL GAINS ARISING FROM ANUNFUNDED PENSIONS REFORM MAKE IT PARETOIMPROVING?

Roberts, Mark - University <Nottingham> / Department of Economics - 2002

If unfunded pensions crowd-out private savings, pensions reform should raise the timepath of capital. Even if reform …

Persistent link: https://www.econbiz.de/10005868946

RETIREMENT, PENSIONS, AND AGEING

HEIJDRA BEN J.; ROMP WARD E. - CESifo GmbH <München> - 2007

We study the effects of demographic shocks and changes in the pension system on themacroeconomic performance of an advanced small open economy. An overlappinggenerationsmodel is constructed which includes a realistic description of the mortalityprocess. Individual agents choose their optimal...

Persistent link: https://www.econbiz.de/10005858940

Private Wealth and Job Exit at Older Age : A Random Effects Model

Bloemen, Hans - Forschungsinstitut zur Zukunft der Arbeit <Bonn> - 2008

Private wealth holdings are likely to become an increasingly important determinant in the jobexit decision of elderly workers. Net wealth may correlate with worker’s characteristics thatalso determine the exit out of a job. It is therefore important to include a rich set of...

Persistent link: https://www.econbiz.de/10005860472

Heterogeneous Impacts in PROGRESA

Djebbari, Habiba; Smith, Jeffrey A. - Forschungsinstitut zur Zukunft der Arbeit <Bonn> - 2008

The "common effect" model in program evaluation assumes that all treated individuals have the same impact from a program. Our paper contributes to the recent literature that tests and goes beyond the common effect model by investigating impact heterogeneity using data from the experimental...

Persistent link: https://www.econbiz.de/10005860640

On the Multivariate Analysis of the "Lisbon Process"

Tausch, Arno; Heshmati, Almas; Bajalan, Chemen S.J. - Forschungsinstitut zur Zukunft der Arbeit <Bonn> - 2007

Starting from Professor Kornai´s assertion about the necessity to focus on the long-termperspectives of the transformation process, we analyze in this paper the Lisbon performanceof the countries of the European Union from such a long-term, structural perspective. Wepresent in a simple form the...

Persistent link: https://www.econbiz.de/10005861200

Earnings Effects of Training Programs

Lechner, Michael; Melly, Blaise - Forschungsinstitut zur Zukunft der Arbeit <Bonn> - 2007

In an evaluation of a job-training program, the influence of the program on the individualearnings capacity is important, because it reflects the program effect on human capital.Estimating these effects is complicated because earnings are observed for employedindividuals only, and employment is...

Persistent link: https://www.econbiz.de/10005862583

Which, Why, and for How Long Do IPOs Underperform?

Hoechle, Daniel; Schmid, Markus - Wirtschaftswissenschaftliches Zentrum <Basel> - 2008

Based on a sample of 7,378 firms going public in the 1975-2005 period, we document a significant underperformance of IPO firms over the first year after going public, while there is virtually no underperformance thereafter. Moreover, by decomposing the Carhart-alpha we find that IPO...

Persistent link: https://www.econbiz.de/10005862629

A Generalization of the Calendar Time Portfolio Approach and the Performance of Private Investors

Hoechle, Daniel; Schmid, Markus M.; Zimmermann, Heinz - Wirtschaftswissenschaftliches Zentrum <Basel> - 2008

We present a regression-based generalization of the calendar time portfolio approach which allows for decomposing the risk-adjusted performance of private investors (or firms or mutual funds) into multivariate and continuous subject characteristics. Our technique remedies several well-known...

Persistent link: https://www.econbiz.de/10005862642