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Trading off generations: Infinitely-lived agent versus OLG
Schneider, Maik T.; Traeger, Christian; Winkler, Ralph - 2010
The prevailing literature discusses intergenerational trade-offs predominantly in infinitely-lived agent models despite the finite lifetime of individuals. We discuss these trade-offs in a continuous time OLG framework and relate the results to the infinitely-lived agent setting. We identify...
Persistent link: https://www.econbiz.de/10010316064
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Trading Off Generations: Infinitely-Lived Agent Versus OLG
Schneider, Maik T.; Traeger, Christian; Winkler, Ralph - 2010
The prevailing literature discusses intergenerational trade-offs predominantly in infinitely-lived agent models despite the finite lifetime of individuals. We discuss these trade-offs in a continuous time OLG framework and relate the results to the infinitely-lived agent setting. We identify...
Persistent link: https://www.econbiz.de/10011753192
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Fiscal policy, monopolistic competition, and finite lives
Heijdra, Ben J.; Ligthart, Jenny E. - 2006
The paper studies the short-run, transitional, and long-run output effects of permanent and temporary shocks in public consumption under various financing methods. To this end, a dynamic macroeconomic model for a closed economy is developed, which features a perfectly competitive final goods...
Persistent link: https://www.econbiz.de/10010261412
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Optimal indexation of government bonds and monetary policy
Hatcher, Michael C. - 2011
Using an overlapping generations model in which the young save for old age using indexed and nominal government bonds, this paper investigates how optimal indexation is influenced by monetary policy. In order to do so, two monetary policies with markedly different long run implications are...
Persistent link: https://www.econbiz.de/10010288802
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Innovative investments, natural resources, and intergenerational fairness: Are pension funds good for sustainable development?
Bretschger, Lucas; Pittel, Karen - 2005
generation saves for the retirement age, both with private savings and pension funds. The productivity of each sector can be … own investments. In this case, sustainability is more likely to be achieved due to pension fund savings. …
Persistent link: https://www.econbiz.de/10011753101
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Pollution perception: An inquiry into intergenerational equity
Schumacher, Ingmar; Zou, Benteng - 2005
In this article we extend the recent literature on overlapping generations with a pollution sector by allowing generations to have a certain pollution perception with regards to the stock of pollution. Pollution perception, assumed to be part of the generations' preferences, can be either a...
Persistent link: https://www.econbiz.de/10010272623
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Trading off generations: Infinitely lived agent versus OLG
Schneider, Maik T.; Traeger, Christian; Winkler, Ralph - 2012
The prevailing literature discusses intergenerational trade-offs in climate change predominantly in terms of the Ramsey equation relying on the infinitely lived agent model. We discuss these trade-offs in a continuous time OLG framework and relate our results to the infinitely lived agent...
Persistent link: https://www.econbiz.de/10010280972
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The political economy of intra- and intergenerational redistribution with asymmetric information
Lorz, Jens Oliver - 1999
-productivity individuals is inefficiently allocated over their life cycle. For a given level of aggregate savings, a Pareto-improvement would …. In addition to this inefficiency, the government in period 1 may choose an inefficient level of aggregate savings in the … equilibrium. It is shown for a specific example that an increase in aggregate savings would be Pareto-improving. …
Persistent link: https://www.econbiz.de/10010275329
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Intergenerational redistribution with asymmetric information: The case of non-observable savings
Lorz, Jens Oliver - 1999
productivities. In addition, individual savings and capital incomes are not observable for the government. It is shown that the …
Persistent link: https://www.econbiz.de/10010331072
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Dynamic Fiscal Policies, Unemployment, and Economic Growth
Josten, Stefan Dietrich - 2003
This paper analyzes the growth and employment effects of dynamic fiscal policies in an overlapping generations model with endogenous growth and imperfect labour markets. With balanced-budget policies, the modelled closed economy grows at a constant rate which is the higher, the lower are the...
Persistent link: https://www.econbiz.de/10010263397