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Safe assets, risky assets, and dynamic inefficiency in overlapping-generations economies

Hellwig, Martin - 2021

The paper gives conditions for dynamic inefficiency of laissez-faire allocations in an overlapping-generations model with safe and risky assets. If the rate of population growth is certain, the conditions given depend only on how the rate of return on safe assets compares to the growth rate. If...

Persistent link: https://www.econbiz.de/10012505813

Overlapping-generations economies under uncertainty : dynamic inefficiency/efficiency with multiple assets and no labour

Hellwig, Martin - 2023

The paper gives conditions for effi ciency and ineffi ciency of equilibrium allocations in an overlapping-generations model with a constant rate of population growth and with multiple assets, but without labour. Optimal portfolio choice implies that, for any period and history up to that period,...

Persistent link: https://www.econbiz.de/10014283816

Overlapping-Generations Economies under Uncertainty : Dynamic Inefficiency/Efficiency with Multiple Assets and no Labour

Hellwig, Martin - 2023

The paper gives conditions for efficiency and inefficiency of equilibrium allocations in an overlapping-generations model with a constant rate of population growth and with multiple assets, but without labour. Optimal portfolio choice implies that, for any period and history up to that period,...

Persistent link: https://www.econbiz.de/10014350589

Dynamic efficiency and inefficiency in a class of overlapping-generations economies with multiple assets

Hellwig, Martin - 2024

For overlapping-generations models with multiple assets and without labour, welfare assessments of equilibrium allocations depend on whether the certainty equivalents of the one-period-ahead marginal rates of return on assets that are held are larger or smaller than the population growth rate....

Persistent link: https://www.econbiz.de/10014634481

Losers amongst the losers : the welfare effects of the Great Recession across cohorts

Ferrari, Alessandro - 2020

This paper studies the effect of deep recessions on intergenerational inequality by quantifying the welfare effects on households at different phases of the life cycle. Deep recessionary episodes are characterized by large declines in the prices of real and financial assets and in employment....

Persistent link: https://www.econbiz.de/10012390444

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

Intergenerational spillovers : the impact of labor market risk on the housing market

Nam, Leanne Jae Youn - 2024

Unemployment leads to large and persistent income losses for workers. Higher unemployment in the labor market therefore has spillover effects on the housing market. This paper studies such spillover effects from both empirical and theoretical perspectives. Using data from the Current Population...

Persistent link: https://www.econbiz.de/10015115100

Dynamic Inefficiency and Fiscal Interventions in an Economy with Land and Transaction Costs

Hellwig, Martin - 2020

The paper contributes to the discussion on whether real interest rates smaller than real growth rates can be taken as evidence of dynamic inefficiency that calls for fiscal interventions. A seemingly killing objection points to the presence of land, a non-produced durable asset whose value...

Persistent link: https://www.econbiz.de/10012839600

Dynamic inefficiency and fiscal interventions in an economy with land and transaction costs

Hellwig, Martin - 2020

The paper contributes to the discussion on whether real interest rates smaller than real growth rates can be taken as evidence of dynamic in- efficiency that calls for scal interventions. A seemingly killing objection points to the presence of land, a non-produced durable asset whose value...

Persistent link: https://www.econbiz.de/10012175416

Generational Risk -- Is It a Big Deal? Simulating an 80-Period OLG Model with Aggregate Shocks

Hasanhodzic, Jasmina - 2017

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 …

Persistent link: https://www.econbiz.de/10012970384