consumption development and thus average welfare of individual cohorts. The analysis is based on a Ramsey growth model and refers …

model is applied. Special focus is put on the consumption effects of population ageing and the potential to counter those by … capita consumption is among all demographic scenarios lower than without demographic changes. Permanent immigration can … retard the consumption decrease. Rising fertility even reinforces the decline of consumption in the examined period of time. …

therefore, increases wealth inequality …-ownership, consumption pattern in the cross- section and through life-cycle. We find that the lack of stock market access, proxied by a fixed … entry cost and variable costs, plays a key role in generating heterogeneous outcome in agent’s wealth accumulation, and …

longevity. In an economy with idiosyncratic income shocks, redistributive defined benefit social security provides some … efficiency gains. However, prior research financed the transitory costs of the reform by taxing consumption. We show that in the … context of longevity, capital income taxation provides a superior alternative: welfare gains are sufficient to outweigh the …

longevity. In an economy with idiosyncratic income shocks, redistributive defined benefit social security provides some … efficiency gains. However, prior research financed the transitory costs of the reform by taxing consumption. We show that in the … context of longevity, capital income taxation provides a superior alternative: welfare gains are sufficient to outweigh the …