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The Role of Intergenerational Transfers in Aggregate Capital Accumulation

Kotlikoff, Laurence J. - 1980

This paper uses historicaI U.S. data to directly estimate the contribution of intergenerational transfers to aggregate capital accumulation. The evidence presented indicates that intergenerational transfers account for the vast majority of aggregate U .S. capital formation; only a negligible...

Persistent link: https://www.econbiz.de/10012478700

How Does the Market Value Unfunded Pension Liabilities?

Bulow, Jeremy I. - 1985

We lead off by discussing a number of theoretical reasons for expecting various relationships between a firm's unfunded pension liability and its market value. We then discuss our doubts about the methodology of earlier papers which studied the empirical relation between funding and market value...

Persistent link: https://www.econbiz.de/10012477480

Observations on the Indexation of Old Age Pensions

Summers, Lawrence H. - 1982

This paper examines some positive and normative aspects of the inflation indexation of public and private pensions. The analysis showsthat alternative indexing arrangements may have far less impact on actual patterns of risk bearing than is usually thought to be the case. In so far as inflation...

Persistent link: https://www.econbiz.de/10012478082

Poverty in America : Is Welfare the Answer or the Problem?

Ellwood, David T. - 1985

This paper reviews the current policies for fighting poverty and explores the impact they have had. We begin by … reviewing trends in poverty, poverty spending and economic performance. It is immediately apparent that economic performance is … the dominant determinant of the measured poverty rate over the past two decades. Government assistance programs expanded …

Persistent link: https://www.econbiz.de/10012477368

Fiscal Increasing Returns, Hysteresis, Real Wages and Unemployment

Blanchard, Olivier J. - 1986

European unemployment is widely regarded as a problem of excessive real wages. This view as it is usually expressed carries the disturbing implication that there is a sharp conflict between the interests of those currently employed and the unemployed because it suggests that increases in...

Persistent link: https://www.econbiz.de/10012477035

Hysteresis and the European Unemployment Problem

Blanchard, Olivier J. - 1986

Persistent link: https://www.econbiz.de/10012477122

The After Tax Rate of Return Affects Private Savings

Summers, Lawrence H. - 1984

This paper reviews theoretical argumrents and empirical evidence regarding the interest elasticity of savings. It concludes that there are strong theoretical reasons to expect an increase in after tax rates of return to increase private savings. Moreover, the empirical rrethods used in most...

Persistent link: https://www.econbiz.de/10012477741

The Permanent Effects of Fiscal Consolidations

Fatás, Antonio - 2016

The global financial crisis has permanently lowered the path of GDP in all advanced economies. At the same time, and in response to rising government debt levels, many of these countries have been engaging in fiscal consolidations that have had a negative impact on growth rates. We empirically...

Persistent link: https://www.econbiz.de/10012456303

A Contagious Malady? Open Economy Dimensions of Secular Stagnation

Eggertsson, Gauti B. - 2016

Conditions of secular stagnation - low interest rates, below target inflation, and sluggish output growth - characterize much of the global economy. We consider an overlapping generations, open economy model of secular stagnation, and examine the effect of capital flows on the transmission of...

Persistent link: https://www.econbiz.de/10012456376