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Intergenerational Risk Sharing with Market Liquidity Risk
Dimitrov, Daniel - 2022
This paper examines the optimal allocation of risk across generations whose savings mix is subject to illiquidity in … thus lowers the benefits of risk-sharing. Higher illiquidity then may justify higher levels of risk sharing to compensate …
Persistent link: https://www.econbiz.de/10013291465
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Intergenerational risk sharing with market liquidity risk
Dimitrov, Daniel - 2022
This paper examines the optimal allocation of risk across generations whose savings mix is subject to illiquidity in … thus lowers the benefits of risk-sharing. Higher illiquidity then may justify higher levels of risk sharing to compensate …
Persistent link: https://www.econbiz.de/10013175574
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Optimal taxes on capital in the OLG model with uninsurable idiosyncratic income risk
Krueger, Dirk; Ludwig, Alexander - 2019
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 …
Persistent link: https://www.econbiz.de/10012062122
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Optimal taxes on capital in the OLG model with uninsurable idiosyncratic income risk
Krueger, Dirk; Ludwig, Alexander - 2018
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 …
Persistent link: https://www.econbiz.de/10011816301
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Optimal taxes on capital in the OLG model with uninsurable idiosyncratic income risk
Krueger, Dirk; Ludwig, Alexander - 2018
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 …
Persistent link: https://www.econbiz.de/10011796072
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Intergenerational sharing of unhedgeable inflation risk
Chen, Damiaan H. J.; Beetsma, Roel; Wijnbergen, Sweder van - 2022 - This version: November 16, 2022
market instruments. Using intergenerational risk sharing arrangements, risks can be allocated better across the various …
Persistent link: https://www.econbiz.de/10013460026
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Sharing demographic risk : who is afraid of the baby bust?
Ludwig, Alexander (contributor); Reiter, Michael (contributor) - 2008
We model the optimal reaction of a public PAYG pension system to demographic shocks. We compare the ex-ante first best and second best solution of a Ramsey planner with full commitment to the outcome under simple third best rules that mimic the pension systems observed in the real world. The...
Persistent link: https://www.econbiz.de/10003771791
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Social security in an analytically tractable overlapping generations model with aggregate and idiosyncratic risk
Harenberg, Daniel; Ludwig, Alexander - 2014 - This Version: September 22, 2014
When markets are incomplete, social security can partially insure against idiosyncratic and aggregate risks. We incorporate both risks into an analytically tractable model with two overlapping generations and demonstrate that they interact over the life-cycle. The interactions appear even though...
Persistent link: https://www.econbiz.de/10010419846
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Sharing Demographic Risk : Who is Afraid of the Baby Bust?
Ludwig, Alexander - 2009
We model the optimal reaction of a public PAYG pension system to demographic shocks. We compare the ex-ante first best and second best solution of a Ramsey planner with full commitment to the outcome under simple third best rules that mimic the pension systems observed in the real world. The...
Persistent link: https://www.econbiz.de/10013157425
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Social Security in an Analytically Tractable Overlapping Generations Model with Aggregate and Idiosyncratic Risk
Harenberg, Daniel - 2014
When markets are incomplete, social security can partially insure against idiosyncratic and aggregate risks. We incorporate both risks into an analytically tractable model with two overlapping generations and demonstrate that they interact over the life-cycle. The interactions appear even though...
Persistent link: https://www.econbiz.de/10013045314