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作者：Imrohoroglu, A; Imrohoroglu, S; Joines, DH
作者单位：University of Southern California
摘要：In this paper we examine the role of social security in an economy populated by overlapping generations of individuals with time-inconsistent preferences who face mortality risk, individual income risk, and borrowing constraints. We find that unfunded social security lowers the capital stock, output, and consumption for consumers with time-consistent or time-inconsistent preferences. However, it may raise or lower welfare depending on the strength of time inconsistency.
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作者：Rigobon, R; Sack, B
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Federal Reserve System - USA
摘要：Movements in the stock market can have a significant impact on the macroeconomy and are therefore likely to be an important factor in the determination of monetary policy. However, little is known about the magnitude of the Federal Reserve's reaction to the stock market, in part because the simultaneous response of equity prices to interest rates makes it difficult to estimate. This paper uses an identification technique based on the heteroskedasticity of stock market returns to measure the re...
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作者：Krebs, T
作者单位：Brown University
摘要：This paper develops a tractable incomplete-markets model of economic growth in which households invest in risk-free physical capital and risky human capital. The paper shows that a reduction in uninsurable idiosyncratic labor income risk decreases physical capital investment, but increases human capital investment, growth, and welfare. A quantitative analysis based on a calibrated version of the model reveals that these effects are substantial and of the same order of magnitude as the effects ...
