-agent macroeconomic models in the presence of sampling variability. The calibration procedure leads to the welfare analysis being … conducted with the wrong parameters. The ability of the calibrated model to correctly predict the welfare changes induced by a … model always predict the right sign of the welfare effects. Quantitatively, the maximum errors made in evaluating a policy …

-agent macroeconomic models in the presence of sampling variability. The calibration procedure leads to the welfare analysis being … conducted with the wrong parameters. The ability of the calibrated model to correctly predict the long-run welfare changes … induced by a set of policy experiments is assessed. The results show that, for the policy reforms with sizable welfare effects …

-Agent macroeconomic models in the presence of sampling variability. The calibration procedure leads to the welfare analysis being … conducted with the wrong parameters. The ability of the calibrated model to correctly predict the long-run welfare changes … induced by a set of policy experiments is assessed. The results show that, for the policy reforms with sizable welfare effects …

This paper studies the long-run aggregate and welfare effects of eliminating Social Security in a quantitative dynamic … bigger effect than in a model with two-sided altruism. The welfare gain of eliminating Social Security system under impure …

, we examine the welfare implications of removing stamp duty in a general equilibrium overlapping generation model with …

consumption levels (social insurance). I show that the efficiency-equality tradeoff associated with welfare state economies does … not hold. Efficiency decreases and equality rises as the minimal guaranteed consumption increases from zero to around one … and equality worsens. Average welfare is greater in economies with high social insurance while the median agent is better …