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Personal Pensions with Risk sharing: Affordable, Adequate and Stable Private Pensions in Europe

Bovenberg, A Lans; Nijman, Theo E - C.E.P.R. Discussion Papers - 2015

these developments, policyholders desire pensions tailored to their individual needs. This paper proposes a new type of … risk-sharing functions of pensions, PPRs allow risk management and (dis)saving to be customized to the specific features of … illiquid capital, complementing public retirement provision, reducing the interest-rate sensitivity of pensions and smoothing …

Persistent link: https://www.econbiz.de/10011252616

Pension systems, Intergenerational Risk Sharing and Inflation

Beetsma, Roel; Bovenberg, A Lans - C.E.P.R. Discussion Papers - 2007

We investigate intergenerational risk sharing in two-pillar pension systems with a pay-as-you-go pillar and a funded pillar. We consider shocks in productivity, depreciation of capital and inflation. The funded pension pillar can be either defined contribution or defined benefit, with benefits...

Persistent link: https://www.econbiz.de/10005497820

Funded Pensions and Intergenerational and International Risk Sharing in General Equilibrium

Beetsma, Roel; Bovenberg, A Lans; Romp, Ward E - C.E.P.R. Discussion Papers - 2008

-tier pensions systems. The exact design of the funded tier is key for the way in which risks are shared over the various generations …

Persistent link: https://www.econbiz.de/10005662023

Pension Systems and the Allocation of Macroeconomic Risk

Bovenberg, A Lans; Uhlig, Harald - C.E.P.R. Discussion Papers - 2006

This paper explores the optimal risk sharing arrangement between generations in an overlapping generations model with endogenous growth. We allow for nonseparable preferences, paying particular attention to the risk aversion of the old as well as overall 'life-cycle' risk aversion. We provide a...

Persistent link: https://www.econbiz.de/10005662132

Durable Goods, Borrowing Constraints and Consumption Insurance

Cerletti, Enzo; Pijoan-Mas, Josep - C.E.P.R. Discussion Papers - 2012

In this paper we study the transmission of income shocks into nondurable consumption in the presence of durable goods. We use a standard a life-cycle model with two goods to characterize the interaction of durability of goods, durability of shocks, and borrowing constraints as determinants of...

Persistent link: https://www.econbiz.de/10011084596

Does Income Inequality Lead to Consumption Inequality?

Krueger, Dirk; Perri, Fabrizio - C.E.P.R. Discussion Papers - 2002

This Paper first documents the evolution of the cross-sectional income and consumption distribution in the US in the past 25 years. Using data from the Consumer Expenditure Survey we find that a rising income inequality has not been accompanied by a corresponding rise in consumption inequality....

Persistent link: https://www.econbiz.de/10005123551

Formal and Informal Risk Sharing in LDCs: Theory and Empirical Evidence

Dubois, Pierre; Jullien, Bruno; Magnac, Thierry - C.E.P.R. Discussion Papers - 2008

We develop and estimate a model of dynamic interactions in which commitment is limited and contracts are incomplete to explain the patterns of income and consumption growth in village economies of less developed countries. Households can insure each other through both formal contracts and...

Persistent link: https://www.econbiz.de/10005123633

Competitive Risk Sharing Contracts with One-Sided Commitment

Krueger, Dirk; Uhlig, Harald - C.E.P.R. Discussion Papers - 2004

the agent with an intermediary. We then show that our contract economy is equivalent to a consumption-savings economy with …

Persistent link: https://www.econbiz.de/10005498096

Formal and Informal Risk Sharing in LDCs: Theory and Empirical Evidence

Dubois, Pierre; Jullien, Bruno; Magnac, Thierry - C.E.P.R. Discussion Papers - 2007

We develop and estimate a model of dynamic interactions where commitment is limited and contracts are incomplete to explain the patterns of income and consumption growth in village economies of less developed countries. Households can insure through both formal contracts and informal agreements,...

Persistent link: https://www.econbiz.de/10005504414

The Empirical Importance of Precautionary Saving

Gourinchas, Pierre-Olivier; Parker, Jonathan A - C.E.P.R. Discussion Papers - 2001

One of the basic motives for saving is the accumulation of wealth to insure future welfare. Both introspection and extant research on consumption insurance find that people face substantial risks that they do not fairly pool. In theory, the consumption and wealth accumulation of price-taking...

Persistent link: https://www.econbiz.de/10005504693