The theoretical literature presumes generational risk is large enough to merit study and that such risk can be … technique to overcome the curse of dimensionality and measure generational risk in an 80-period OLG model. The model features … isoelastic preferences, moderate risk aversion, Cobb-Douglas technology, and shocks to both TFP and capital depreciation …

The theoretical literature presumes generational risk is large enough to merit study and that such risk can be … to directly measure generational risk and the extent to which it can be mitigated via financial markets or Social … Security. Depending on our yardstick, generational risk, whether across non-overlapping generations or across overlapping …

facing uninsurable idiosyncratic labor income risk. The Ramsey government internalizes the general equilibrium effects of … exhibits an optimal aggregate saving rate that is independent of income risk, whereas the optimal time-invariant tax on capital … implementing this saving rate is increasing in income risk. The optimal saving rate is constant along the transition and its sign …

facing uninsurable idiosyncratic labor income risk. The Ramsey government internalizes the general equilibrium feedback of … optimal aggregate saving rate is independent of income risk. The optimal time-invariant tax on capital is increasing in income … risk. Its sign depends on the extent of risk and on the Pareto weight of future generations. If the Ramsey tax rate that …

facing uninsurable idiosyncratic labor income risk. The Ramsey government internalizes the general equilibrium feedback of … optimal aggregate saving rate is independent of income risk. The optimal time-invariant tax on capital is increasing in income … risk. Its sign depends on the extent of risk and on the Pareto weight of future generations. If the Ramsey tax rate that …

facing uninsurable idiosyncratic labor income risk. The Ramsey government internalizes the general equilibrium feedback of … optimal aggregate saving rate is independent of income risk. The optimal time-invariant tax on capital is increasing in income … risk. Its sign depends on the extent of risk and on the Pareto weight of future generations. If the Ramsey tax rate that …