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Interest Rate Effects of Demographic Changes in a New-Keynesian Life-Cycle Framework
Kara, Engin - 2010
This paper develops a small-scale DSGE model which embeds a demographic structure within a monetary policy framework. We extend the tractable, though non-monetary overlapping-generations model of Gertler (1999) and present a small synthesis model which combines the set-up of Gertler with a...
Persistent link: https://www.econbiz.de/10013135617
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The Role of Household Saving in the Economic Rise of China
Lugauer, Steven; Mark, Nelson C. - Hong Kong Institute for Monetary Research (HKIMR), … - 2013
accumulation which in turn has been the primary driver of China's economic growth. We review the evidence on Chinese household …The saving rate in China is high by historical and international norms. The high saving rate has funded capital …
Persistent link: https://www.econbiz.de/10010826801
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Global Liquidity, World Savings Glut and Global Policy Coordination
Belke, Ansgar; Gros, Daniel - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2010
the combination of economic policies adopted by the two key economies, the US and China. Global financial markets served … economic policies followed by emerging markets such as China and the oil-exporting countries contributed to the US ability to …
Persistent link: https://www.econbiz.de/10008636402
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The wealth decumulation behavior of the retired elderly in Italy : the importance of bequest motives and precautionary saving
Ventura, Luigi; Horioka, Charles - 2020
In this paper, we analyze the wealth accumulation and saving behavior of the retired elderly in Italy using micro data from the "Survey of Italian Households' Income and Wealth," a panel survey of households conducted every two years by the Bank of Italy. We find that, on average, the retired...
Persistent link: https://www.econbiz.de/10012198628
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Intergenerational transfers : how do they shape the German wealth distribution?
Werder, Marten von - 2018
variations in the savings behavior over the wealth distribution and despite a strong relationship between initial household …. This study adds to the discussion by providing causal estimates for the effect of transfer receipt on the savings behavior … of households. The model allows for dynamic adjustment and variations in the savings behavior over the wealth …
Persistent link: https://www.econbiz.de/10011915902
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Progressive tax changes to superannuation in a lifecycle framework
Kudrna, George; Woodland, Alan D. - 2015
This paper provides a quantitative analysis of hypothetical replacements of existing tax arrangements applied to superannuation (Australia.s term for private pensions) with traditional EET and TEE regimes. These taxation regimes exempt pension fund earnings from any taxation and tax either...
Persistent link: https://www.econbiz.de/10011404438
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Is it really good to annuitize
Feigenbaum, James; Gahramanov, Emin - 2012
Although rational consumers without bequest motives are better oÞ investing exclusively with annuitized instruments in partial equilibrium, we demonstrate the welfare effect of annuitization is ambiguous in general equilibrium on account of the pecuniary externality. Accidental bequests improve...
Persistent link: https://www.econbiz.de/10009562237
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The Welfare Effects of Liquidity Constraints
Jappelli, Tullio; Pagano, Marco - 2008
We analyze the welfare implications of liquidity constraints for households in an overlapping generations model with growth. In a closed economy with exogenous technical progress, liquidity constraints reduce welfare if the economy is dynamically inefficient. But if it is dynamically efficient,...
Persistent link: https://www.econbiz.de/10014206580
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The Welfare Effects of Liquidity Constraints
Jappelli, Tullio; Pagano, Marco - 2008
We analyze the welfare implications of liquidity constraints for households in an overlapping generations model with growth. In a closed economy with exogenous technical progress, liquidity constraints reduce welfare if the economy is dynamically inefficient. But if it is dynamically efficient,...
Persistent link: https://www.econbiz.de/10014206582
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Save or pay-as-you-go : the effcts of ageing on optimal retirement funding
Hott, Christian - 2019
savings relative to pay-as-you go systems. Our results indicate that more wealth should be transferred from the young to the … implicit return on a pay-as-you-go system and the interest rate on savings should be equal to the growth rate of the economy …
Persistent link: https://www.econbiz.de/10012317293