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In this study, we quantify the macroeconomic and welfare effects of alternative fiscal consolidation plans in the context of a small open economy. Using a computable overlapping generations model tailored to the Australian economy, we examine immediate and gradual eliminations of the existing...
Persistent link: https://www.econbiz.de/10012977436
I study behavioral responses to changes in marginal tax rates of social security and income taxes. I find that responses depend on individual's employment status: whether a worker is a wage earner, self-employed, or a proprietor. In line with the existing literature I document weak (but...
Persistent link: https://www.econbiz.de/10013012137
A central justification for social insurance and for other policies aimed at retirement savings is that individuals may fail to make adequate provision during their working years. Much research has focused on myopia and other behavioral limitations. Yet little attention has been devoted to how...
Persistent link: https://www.econbiz.de/10013019561
When a Canadian expects to face higher tax rates in the future, where should savings be put? The standard advice is… ‘when you expect your marginal tax rate to rise in the future, contribute to a Registered Retirement Savings Plan (RRSP) now, but delay claiming the tax deduction'. This paper...
Persistent link: https://www.econbiz.de/10013021322
Many job-losers suffer large and persistent losses in earnings capacity. For displaced workers who are age-eligible, one reaction to these losses is to begin claiming Social Security retirement benefits. We use administrative earnings records from the Social Security Administration's Continuous...
Persistent link: https://www.econbiz.de/10013022362
This paper summarizes scientific thought on the likelihood of Climate Change and explores potential implications for retirement planning. The thoughts of several authors are combined to place Climate Change risk within the context of Black Swans and Deep Risk and describe implications for...
Persistent link: https://www.econbiz.de/10012903972
Financial planners assume that retirees have a strong preference for consistent, predictable spending. Their widely used rule of thumb, the 4% rule, was developed to identify the maximum spending level that could be maintained throughout retirement. In stark contrast, the standard advice from...
Persistent link: https://www.econbiz.de/10013118299
How can regulation in an era of personal responsibility aid people to make the optimal decisions about their future risks, savings, and retirement? This study aims to deepen our understanding of how different age groups process choices in relation to future risk and retirement planning in...
Persistent link: https://www.econbiz.de/10013104015
We develop and estimate a life-cycle consumption savings model in which observed genetic variation is allowed to affect wealth accumulation through several distinct channels. We focus on genetic markers that predict educational attainment, aggregated into a predictive index called a polygenic...
Persistent link: https://www.econbiz.de/10013362004
This chapter reviews the literature on intergenerational risk sharing (IRS). We explore to what extent and how a market economy with an appropriate institutional setting can replicate a social planner's solution in models with increasing levels of complexity. In particular, we do this for...
Persistent link: https://www.econbiz.de/10014023478