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How persistent low expected returns alter optimal life cycle saving, investment, and retirement behavior
Horneff, Vanya; Maurer, Raimond; Mitchell, Olivia S. - 2017
This Chapter explores how an environment of persistent low returns influences saving, investing, and retirement behaviors, as compared to what in the past had been thought of as more "normal" financial conditions. Our calibrated lifecycle dynamic model with realistic tax, minimum distribution,...
Persistent link: https://www.econbiz.de/10011755248
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Aging and Public Financing Costs : Evidence from U.S. Municipal Bond Markets
Butler, Alexander W. - 2020
We examine the impact of population aging on municipal access to credit. A one standard deviation increase in a state's population age leads to a 23 basis point increase in municipal bond issue spread. Three mechanisms drive this effect: income tax revenue, healthcare liabilities, and pension...
Persistent link: https://www.econbiz.de/10012850634
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Target Retirement Fund : A Variant on Target Date Funds that uses Deferred Life Annuities rather than Bonds to Reduce Risk as Retirement Approaches
Shoven, John B.; Walton, Daniel - National Bureau of Economic Research - 2023
approaches, a target retirement fund gradually purchases deferred life annuities beginning at age 50. In the particular straw … buying a retirement annuity in advance (by accumulating deferred life annuities) is superior to sticking with a Target Date …
Persistent link: https://www.econbiz.de/10013537711
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Correlated risks: a conflict of interest between insurers and consumers and its resolution
Eugster, Patrick (contributor); Zweifel, Peter (contributor) - 2006
This contribution starts out by noting a conflict of interest between consumers and insurers. Consumers face positive correlation in their assets (health, wealth, wisdom, i.e. skills), causing them to demand a great deal of insurance coverage. Insurers on the other hand eschew positively...
Persistent link: https://www.econbiz.de/10003354444
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Portfolio choices over the life-cycle and the cyclical skewness of labor income shocks
Catherine, Sylvain - 2016
I estimate a life-cycle model of portfolio choices that incorporates the relationship between market returns and the skewness of idiosyncratic income shocks. The cyclicality of skewness can explain (i) low stock market participation among young households, (ii) why the equity share of...
Persistent link: https://www.econbiz.de/10011612048
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Capital market development over the long run : the portfolios of UK life assurers over two centuries
Bogle, David A.; Coyle, Christopher; Turner, John D. - 2020
What shapes and drives capital market development over the long run? In this paper, using the asset portfolios of UK life assurers, we examine the role of regulation, historical contingency and political reactions to events on the long-run development of the UK capital market. Government...
Persistent link: https://www.econbiz.de/10012315010
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Employer 401(k) Matches for Student Debt Repayment : Killing Two Birds with One Stone?
Horneff, Vanya; Maurer, Raimond; Mitchell, Olivia S. - National Bureau of Economic Research - 2024
Almost 50 million Americans are burdened by the need to repay almost $2 trillion in student loan debt, while at the same time having to save for retirement. This article analyzes the potential impact of the 2022 SECURE 2.0 Act reform which permits employers to match contributions for student...
Persistent link: https://www.econbiz.de/10014544722
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Longevity insurance benefits for social security : international experience
Turner, John A.; Hughes, Gerard; Chłoń-Domińczak, … - In: Economic challenges of pension systems : a …, (pp. 193-210). 2020
Longevity insurance benefits are deferred annuities that start payment at an advanced age at which a substantial … proportion of the birth cohort has died. In high-income countries, that would mean that these annuities would start for people in … annuities would start was substantially younger. Originally, public pension programs in a number of countries were structured as …
Persistent link: https://www.econbiz.de/10012207227
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An Aging Dynamo : Demographic Change and the Decline of Entrepreneurial Activity in the United States
Kopecky, Joseph - 2017
The rate of new business startups has fallen drastically over the last thirty-five years, accelerating greatly since the year 2000. Other measures of business dynamism such as the job reallocation rate are consistent with this trend, raising serious concern given the importance that young, high...
Persistent link: https://www.econbiz.de/10014123140
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Securities lending as wholesale funding : evidence from the U.S. life insurance industry
Foley-Fisher, Nathan; Narajabad, Borghan; Verani, Stephane - 2016
The existing literature implicitly or explicitly assumes that securities lenders primarily respond to demand from borrowers and reinvest their cash collateral through short-term markets. Using a new dataset that matches every U.S. life insurer's bond portfolio, as well as their lending and...
Persistent link: https://www.econbiz.de/10011500420