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A welfare analysis of unemployment insurance (UI) is performed in a general equilibrium job search model. Finitely-lived, risk-averse workers smooth consumption over time by accumulating assets, choose search effort when unemployed, and suffer disutility from work. Firms hire workers, purchase...
Persistent link: https://www.econbiz.de/10005772360
The wealth distribution in the U.S. is more unequal than either the income or earnings distribution, a fact current models of saving behavior have difficulty explaining. Using MaxWeber's (1905) idea that individuals may have a 'capitalist spirit', I construct and simulate a model where...
Persistent link: https://www.econbiz.de/10005800470
This paper uses repeated cross-sections of the INSEE Household Budget Survey to estimate life cycle profiles of consumption, controlling for cohort and time effects. We construct age profiles for total and nondurable consumption as well as expenditure patterns for consumer durables. We find...
Persistent link: https://www.econbiz.de/10008539996
This paper provides a review of the theory of the determinants of individual and national thrift that has come to be known as the Life Cycle Hypothesis (LCH) of saving. Applications to some current policy issues are also discussed. Part I deals with the state of the art on the eve of the...
Persistent link: https://www.econbiz.de/10008487644
I was born in Rome, Italy, the son of Enrico Modigliani and Olga Flaschel. My father was a leading pediatrician in the city and my mother was a volunteer social worker.
Persistent link: https://www.econbiz.de/10008487646
We use all available waves of the Survey of Consumer Finances to document the evolution of the wealth distribution in the US since the 1980s. We then rely on the shape of this distribution to estimate a life-cycle incomplete markets model. We find that considering a wide range of net-worth...
Persistent link: https://www.econbiz.de/10008468610
This paper is a quantitatively-oriented theoretical study into the interaction between housing prices, aggregate production, and household behaviour over a lifetime. We develop a life-cycle model of a production economy in which land and capital are used to build residential and commercial...
Persistent link: https://www.econbiz.de/10005807994
Simple life cycle and permanent income hypotheses imply that changes in consumption should be unforecastable. Rational forward-looking agents ought to smooth consumption over the life cycle and exhaust the asset stock accumulated during the working career in retirement. Empirical observations...
Persistent link: https://www.econbiz.de/10005523740
The paper provides an econometric analysis of the aggregate saving function of Italian households in the vein of the life cycle theory. Results from an ECM representation based on yearly data for 1951-1998 point to depressive effects on private consumption of recent reforms of social security,...
Persistent link: https://www.econbiz.de/10005609382
The wealth distribution in the U.S. is more unequal, or skewed to the right, than either the income or earnings distribution, a fact current models of saving behavior have difficulty explaining. Using Max Weber's (1905) idea that individuals may have a `capitalist spirit', I construct and...
Persistent link: https://www.econbiz.de/10005260339