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Hyperbolical discounting and endogenous growth : conference paper

Strulik, Holger - 2014

This paper provides the exact analytical solution for the standard model of endogenous growth when consumers have present-biased preferences and make time-inconsistent savings plans, which they revise continuously. It is shown that long-run growth is not necessarily lower under present-biased...

Persistent link: https://www.econbiz.de/10010489320

Ambiguous survival beliefs and hyperbolic discounting in a life-cycle model : conference paper

Groneck, Max; Ludwig, Alexander; Zimper, Alexander - 2013

On average, young people underestimate whereas old people overestimate their chances to survive into the future. We employ a subjective survival belief model proposed by Ludwig and Zimper (2013), which can replicate these patterns. The model is compared with hyperbolic discounting within a...

Persistent link: https://www.econbiz.de/10010340559

Hyperbolical discounting and endogenous growth

Strulik, Holger - 2013

Persistent link: https://www.econbiz.de/10010326825

The Time Path of the Saving Rate: Hyperbolic Discounting and Short-Term Planning

Farzin, Y. Hossein; Wendner, Ronald - 2014

The standard neoclassical growth model with Cobb-Douglas production predicts a monotonically declining saving rate, when reasonably calibrated. Ample empirical evidence, however, shows that the transition paths of most countries' saving rates exhibit a statistically significant hump-shaped...

Persistent link: https://www.econbiz.de/10010398423

Behavioral Macroeconomics and the New Keynesian Model

Menz, Jan-Oliver - 2008

The contribution of this paper is twofold. First, a thorough presentation of the state of the art of the New Keynesian Macroeconomic model is provided. A discussion of its empirical caveats follows and some recent extensions of the standard model are evaluated in more detail. Second, a key...

Persistent link: https://www.econbiz.de/10010420852

Welchen Einfluss hat Financial Literacy auf die Altersvorsorge?

Leinert, Johannes - In: Vierteljahrshefte zur Wirtschaftsforschung 86 (2017) 4, pp. 83-101

Dieser Beitrag untersucht den Einfluss von Financial Literacy auf die Altersvorsorge. Zunächst wird in einer theoretischen Analyse ein indirekter Effekt beschrieben. Demnach begünstigt mangelnde Financial Literacy eine Aversion gegen die Beschäftigung mit finanziellen Angelegenheiten. Dadurch...

Persistent link: https://www.econbiz.de/10012112441

Behavioral Macroeconomics and the New Keynesian Model

Menz, Jan-Oliver - Fachbereich Sozialökonomie, Universität Hamburg - 2008

Persistent link: https://www.econbiz.de/10005464593

The Time Path of the Saving Rate: Hyperbolic Discounting and Short-Term Planning

Farzin, Y. Hossein; Wendner, Ronald - Volkswirtschaftliche Fakultät, … - 2014

The standard neoclassical growth model with Cobb-Douglas production predicts a monotonically declining saving rate, when reasonably calibrated. Ample empirical evidence, however, shows that the transition paths of most countries’ saving rates exhibit a statistically significant hump-shaped...

Persistent link: https://www.econbiz.de/10011112201

Hyperbolic discounting and endogenous growth

Strulik, Holger - In: Economics Letters 126 (2015) C, pp. 131-134

This paper provides the closed form solution for the standard model of endogenous growth when consumers have present-biased preferences and make time-inconsistent savings plans, which they revise continuously. It is shown that long-run growth is not necessarily lower under present-biased...

Persistent link: https://www.econbiz.de/10011189493

Assessing bankruptcy reform in a model with temptation and equilibrium default

Nakajima, Makoto - Federal Reserve Bank of Philadelphia - 2015

A life-cycle model with equilibrium default in which consumers with and without temptation coexist is constructed to … social welfare. The creditor-friendly reform provides borrowers with a stronger commitment to repay and thus yields lower … default premia and better consumption smoothing. However, those who borrow and default due to temptation or unavoidable large …

Persistent link: https://www.econbiz.de/10011196367