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We show that changes in expectations of future income driven by exogenous factors (such as the discovery of oil and an increase in global demand for natural resources) can cause movements in the real exchange rate (RER) in excess of, and sometimes even in the opposite direction to, what one...
Persistent link: https://www.econbiz.de/10010741773
We show that the changes in expectations of future income driven by exogenous factors (such as the discovery of oil, an increase in global demand for natural resources, etc.) can cause movements in the real exchange rate (RER) in excess of, and sometimes even in the opposite direction to, what...
Persistent link: https://www.econbiz.de/10010665531
Human mortality data reveal that life expectancy in industrialized countries has been converging to a common value. Yet, significant variations in the distributions of adult life-table ages at death among some developed countries have also been observed. This paper, largely motivated by...
Persistent link: https://www.econbiz.de/10010869528
There is voluminous literature on the reasons behind career interruptions, ranging from maternity leave and organizational layoffs, to national service and human capital acquisition. We show that a standard, neoclassical model of intertemporal consumption/saving and labor/leisure choices without...
Persistent link: https://www.econbiz.de/10010741282
Persistent link: https://www.econbiz.de/10005702046
Persistent link: https://www.econbiz.de/10008926156
In this paper, a dynamic general equilibrium (DGE) model of growth-inequality relationships, with missing credit markets, knowledge spillover and self-employed agents, is calibrated to New Zealand data. The model explains how two distinct policy shocks involving redistribution and immigration...
Persistent link: https://www.econbiz.de/10008868356
Although rational consumers without bequest motives are better off investing exclusively with annuitized instruments in partial equilibrium, we demonstrate the welfare effect of annuitization is ambiguous in general equilibrium on account of pecuniary externalities. Absent institutional...
Persistent link: https://www.econbiz.de/10010702935
This paper studies a continuous-time life-cycle model with a consumption-leisure choice made by a finitely-lived agent with a random lifetime. We explicitly account for the leisure constraint in the corresponding constrained optimal control problem with a commonly postulated solution structure,...
Persistent link: https://www.econbiz.de/10010713826
Persistent link: https://www.econbiz.de/10010722593