Quantitative macroeconomics with heterogeneous households
Macroeconomics is evolving from the study of aggregate dynamics to the study of the
dynamics of the entire equilibrium distribution of allocations across individual economic …
dynamics of the entire equilibrium distribution of allocations across individual economic …
[BOOK][B] Strategic asset allocation: portfolio choice for long-term investors
JY Campbell, LM Viceira - 2002 - books.google.com
This short volume originates in the need to provide a scientific foundation for the advice
offered by financial planners to long-term investors-individuals saving for retirement, or …
offered by financial planners to long-term investors-individuals saving for retirement, or …
Does income inequality lead to consumption inequality? Evidence and theory
Using data from the Consumer Expenditure Survey, we first document that the recent
increase in income inequality in the US has not been accompanied by a corresponding rise …
increase in income inequality in the US has not been accompanied by a corresponding rise …
Consumption and risk sharing over the life cycle
A striking feature of US data on income and consumption is that inequality increases with
age. This paper asks if individual-specific earnings risk can provide a coherent explanation …
age. This paper asks if individual-specific earnings risk can provide a coherent explanation …
The macroeconomic implications of rising wage inequality in the United States
In recent decades, American workers have faced a rising college premium, a narrowing
gender gap, and increasing wage volatility. This paper explores the quantitative and welfare …
gender gap, and increasing wage volatility. This paper explores the quantitative and welfare …
The gains from pension reform
A Lindbeck, M Persson - Journal of economic Literature, 2003 - aeaweb.org
We classify social security pension systems in three dimensions: actuarial versus non-
actuarial, funded versus unfunded, and defined-benefit versus defined-contribution systems …
actuarial, funded versus unfunded, and defined-benefit versus defined-contribution systems …
Ageing, Pension Reform and Capital Flows: A Multi‐Country Simulation Model
Population ageing and pension reform will have profound effects on international capital
markets. In order to quantify these effects, we develop a computational general equilibrium …
markets. In order to quantify these effects, we develop a computational general equilibrium …
Finite state Markov-chain approximations to highly persistent processes
The Rouwenhorst method of approximating stationary AR (1) processes has been
overlooked by much of the literature despite having many desirable properties unmatched …
overlooked by much of the literature despite having many desirable properties unmatched …
On the optimal progressivity of the income tax code
This paper computes the optimal progressivity of the income tax code in a dynamic general
equilibrium model with household heterogeneity in which uninsurable labor productivity risk …
equilibrium model with household heterogeneity in which uninsurable labor productivity risk …
The evolution of wealth inequality over half a century: The role of taxes, transfers and technology
Over the last 50 years the US tax system went through a striking transformation that reduced
the effective tax rates for top income groups and raised transfers to seniors. This paper …
the effective tax rates for top income groups and raised transfers to seniors. This paper …