Showing 1 - 10 of 168
We address the question of whether the heterogeneity in savings is partly due to differences in pension wealth across … heterogeneity in the mean savings offset depending on age, risk attitudes and country. Third, the offset follows different patterns …
Persistent link: https://www.econbiz.de/10012842350
, endogenous human capital formation and increasing the retirement age. Our quantitative finding is that openness has a relatively … mild effect. In contrast, endogenous human capital formation in combination with an increase in the retirement age has …
Persistent link: https://www.econbiz.de/10013100571
distortionary corporate tax, iii) an increase in the retirement age. The analysis focuses on the effects of these fiscal policies on …
Persistent link: https://www.econbiz.de/10013316600
Fertility has long been declining in industrialised countries and the existence of public pension systems is considered as one of the causes. This paper provides detailed evidence based on historical data on the mechanism by which a public pension system depresses fertility. Our theoretical...
Persistent link: https://www.econbiz.de/10013047746
determinants of retirement based on the Eurostat Survey on Income and Living Conditions (EU-SILC). Applying standard survivor … analysis tools to describe exits into retirement, we do not find any significant differences in the patterns into retirement … between the average euro area and EU non-euro area countries. Moreover, we find that shifts into retirement have increased …
Persistent link: https://www.econbiz.de/10013086839
This paper provides new insights on the effect of inheritance receipt on retirement. We build on lifelong information … allows us to compare current retirement rates among current and future inheritors. Chances of current retirement are 40 …
Persistent link: https://www.econbiz.de/10012894812
This paper suggests a term structure model which parsimoniously exploits a broad macroeconomic information set. The model does not incorporate latent yield curve factors, but instead uses the common components of a large number of macroeconomic variables and the short rate as explanatory...
Persistent link: https://www.econbiz.de/10011604590
We analyse high-frequency changes in the euro area money market yield curve on dates when the ECB regularly sets and communicates decisions on policy interest rates to construct different indicators of monetary policy news relating to policy decisions and to central bank communication. The...
Persistent link: https://www.econbiz.de/10011604703
This paper proposes a procedure to investigate the nature and persistence of the forces governing the yield curve and to use the extracted information for forecasting purposes. The latent factors of a model of the Nelson-Siegel type are directly linked to the maturity of the yields through the...
Persistent link: https://www.econbiz.de/10011604963
This paper attempts to extract market expectations about the Japanese economy and the BOJ’s policy stance from the yen yield curves augmented by money market interest rates, during the period from the end of the quantitative easing policy in March 2006. We use (i) the swap yield curves...
Persistent link: https://www.econbiz.de/10011605026