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The tragedy of annuitization
Heijdra, Ben J.; Mierau, Jochen O.; Reijnders, Laurie S. M. - 2010
We construct a tractable discrete-time overlapping generations model of a closed economy and use it to study government redistribution of accidental bequests and private annuities in general equilibrium. Individuals face longevity risk as there is a positive probability of passing away before...
Persistent link: https://www.econbiz.de/10010270647
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Annuity market imperfection, retirement and economic growth
Heijdra, Ben J.; Mierau, Jochen O. - 2009
-independent wages and a constant mortality rate. In the first extension we study the implications for microeconomic decisions and … realistic mortality process. Our main findings are that the limited availability of annuities induces agents to retire early in … the first two models, but later in the model with age-dependent mortality. In all cases, the general equilibrium …
Persistent link: https://www.econbiz.de/10010266022
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Economic growth and longevity risk with adverse selection
Heijdra, Ben J.; Reijnders, Laurie S. M. - 2009
external effects. Individual agents differ in terms of their mortality profile. At birth, nature assigns a health status to …
Persistent link: https://www.econbiz.de/10010274230
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The tragedy of annuitization
Heijdra, Ben J.; Mierau, Jochen O.; Reijnders, Laurie S. M. - 2011
We construct a tractable discrete-time overlapping generations model of a closed economy and use it to study government redistribution of accidental bequests and private annuities in general equilibrium. Individuals face longevity risk as there is a positive probability of passing away before...
Persistent link: https://www.econbiz.de/10010290991
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Human capital accumulation and the macroeconomy in an ageing society
Heijdra, Ben J.; Reijnders, Laurie S. M. - 2012
How do population ageing shocks affect the long-run macroeconomic performance of an economy? To answer this question we build a general equilibrium overlapping generations model of a closed economy featuring endogenous factor prices. Finitely-lived individuals are endowed with perfect foresight...
Persistent link: https://www.econbiz.de/10010291543
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Retirement, pensions, and ageing
Heijdra, Ben J.; Romp, Ward E. - 2007
mortality process. Individual agents choose their optimal retirement age, taking into account the time- and age profiles of …
Persistent link: https://www.econbiz.de/10010264112
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Wealth transfers and the role of collateral when lifetimes are uncertain
Seghir, Abdelkrim; Torres-Martinez, Juan Pablo - 2006
We develop a general equilibrium model of wealth transfers in the presence of uncertain lifetimes and default. Without introducing exogenous debt constraints, agents are allowed to make collateral-backed promises at any state of their life span.
Persistent link: https://www.econbiz.de/10011807351
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Aggregate savings when individual income varies
Flodén, Martin - 2005
This paper examines aggregate savings in a general equilibrium model where infinitely lived households face volatile (and possibly uncertain) income paths, hold a risk-free asset, and face a liquidity constraint. I first show that the equilibrium capital stock in an economy without uncertainty,...
Persistent link: https://www.econbiz.de/10010281445
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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
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The Macroeconomic Effects of Longevity Risk under Private and Public Insurance and Asymmetric Information
Heijdra, Ben J.; Jiang, Yang; Mierau, Jochen O. - 2017
We study the impact of a fully-funded social security system in an economy with heterogeneous consumers. The unobservability of individual health conditions leads to adverse selection in the private annuity market. Introducing social security—which is immune to adverse selection—affects...
Persistent link: https://www.econbiz.de/10011777632