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Safe assets, risky assets, and dynamic inefficiency in overlapping-generations economies
Hellwig, Martin - 2021
The paper gives conditions for dynamic inefficiency of laissez-faire allocations in an overlapping-generations model with safe and risky assets. If the rate of population growth is certain, the conditions given depend only on how the rate of return on safe assets compares to the growth rate. If...
Persistent link: https://www.econbiz.de/10012659961
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Overlapping-generations economies under uncertainty: Dynamic inefficiency/efficiency with multiple assets and no labour
Hellwig, Martin - 2023
The paper gives conditions for effi ciency and ineffi ciency of equilibrium allocations in an overlapping-generations model with a constant rate of population growth and with multiple assets, but without labour. Optimal portfolio choice implies that, for any period and history up to that period,...
Persistent link: https://www.econbiz.de/10014327029
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Dynamic efficiency and inefficiency in a class of overlapping-generations economies with multiple assets
Hellwig, Martin - 2024
For overlapping-generations models with multiple assets and without labour, welfare assessments of equilibrium allocations depend on whether the certainty equivalents of the one-period-ahead marginal rates of return on assets that are held are larger or smaller than the population growth rate....
Persistent link: https://www.econbiz.de/10015046552
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Earlier or Later: A General Equilibrium Analysis of Bringing Forward an Already Announced Tax Reform
Honerkamp, Josef; Moog, Stefan; Raffelhüschen, Bernd - 2004
The German Income Tax Reform 2000, which announced a reduction in income tax rates to be implemented in a series of three stages, was welcomed by the public as a step towards unleashing lurking growth potentials. Nonetheless, in the course of the year 2001 a dispute arose, centering around the...
Persistent link: https://www.econbiz.de/10010296848
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Global aging and fiscal policy with international labor mobility: a political economy perspective
Tosun, Mehmet Serkan - 2009
This paper uses an overlapping generations model with international labor mobility and a politically responsive fiscal policy to examine aging in developed and developing regions. Migrant workers change the political structure composed of young and elderly voters in both labor-receiving and...
Persistent link: https://www.econbiz.de/10010269040
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Sharing demographic risk: who is afraid of the baby bust?
Ludwig, Alexander; Reiter, Michael - 2008
We model the optimal reaction of a public PAYG pension system to demographic shocks. We compare the ex-ante first best and second best solution of a Ramsey planner with full commitment to the outcome under simple third best rules that mimic the pension systems observed in the real world. The...
Persistent link: https://www.econbiz.de/10010264455
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Pension sytems and the allocation of macroeconomic risk
Bovenberg, Ary Lans; Uhlig, Harald - 2006
This paper explores the optimal risk sharing arrangement between generations in an overlapping generations model with … endogenous growth. We allow for nonseparable preferences, paying particular attention to the risk aversion of the old as well as … overall life-cycle risk aversion. We provide a fairly tractable model, which can serve as a starting point to explore these …
Persistent link: https://www.econbiz.de/10010272736
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Real estate prices and the importance of bequest taxation
Bellettini, Giorgio; Taddei, Filippo - 2009
implications. We test the predictions of our theory employing a unique policy shock: the abolition of bequest and donation taxation …
Persistent link: https://www.econbiz.de/10010264581
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Computation of Equilibria in OLG Models with Many Heterogeneous Households
Rausch, Sebastian; Rutherford, Thomas F. - 2007
This paper develops a decomposition algorithm by which a market economy with many households may be solved through the computation of equilibria for a sequence of representative agent economies. The paper examines local and global convergence properties of the sequential recalibration (SR)...
Persistent link: https://www.econbiz.de/10010264688
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The optimal babel: An economic framework for the analysis of dynamic language rights
Wickström, Bengt-Arne - 2010
We analyze various normatively determined distributions of language rights in multilingual settings. A general model for the analysis of language rights over time in a model with overlapping generations is set up. This model is then first used to find efficient allocations of rights in the...
Persistent link: https://www.econbiz.de/10010266108