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Consumption And Risk Sharing Over The Life Cycle
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Book Synopsis Unequal We Stand by : Jonathan Heathcote
Download or read book Unequal We Stand written by Jonathan Heathcote and published by DIANE Publishing. This book was released on 2010-10 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors conducted a systematic empirical study of cross-sectional inequality in the U.S., integrating data from various surveys. The authors follow the mapping suggested by the household budget constraint from individual wages to individual earnings, to household earnings, to disposable income, and, ultimately, to consumption and wealth. They document a continuous and sizable increase in wage inequality over the sample period. Changes in the distribution of hours worked sharpen the rise in earnings inequality before 1982, but mitigate its increase thereafter. Taxes and transfers compress the level of income inequality, especially at the bottom of the distribution, but have little effect on the overall trend. Charts and tables. This is a print-on-demand publication; it is not an original.
Book Synopsis Handbook of Macroeconomics by : John B. Taylor
Download or read book Handbook of Macroeconomics written by John B. Taylor and published by Elsevier. This book was released on 2016-11-12 with total page 3009 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Macroeconomics Volumes 2A and 2B surveys major advances in macroeconomic scholarship since the publication of Volume 1 (1999), carefully distinguishing between empirical, theoretical, methodological, and policy issues, including fiscal, monetary, and regulatory policies to deal with crises, unemployment, and economic growth. As this volume shows, macroeconomics has undergone a profound change since the publication of the last volume, due in no small part to the questions thrust into the spotlight by the worldwide financial crisis of 2008. With contributions from the world's leading macroeconomists, its reevaluation of macroeconomic scholarship and assessment of its future constitute an investment worth making. - Serves a double role as a textbook for macroeconomics courses and as a gateway for students to the latest research - Acts as a one-of-a-kind resource as no major collections of macroeconomic essays have been published in the last decade - Builds upon Volume 1 by using its section headings to illustrate just how far macroeconomic thought has evolved
Book Synopsis Handbook of the Equity Risk Premium by : Rajnish Mehra
Download or read book Handbook of the Equity Risk Premium written by Rajnish Mehra and published by Elsevier. This book was released on 2011-08-11 with total page 635 pages. Available in PDF, EPUB and Kindle. Book excerpt: Edited by Rajnish Mehra, this volume focuses on the equity risk premium puzzle, a term coined by Mehra and Prescott in 1985 which encompasses a number of empirical regularities in the prices of capital assets that are at odds with the predictions of standard economic theory.
Book Synopsis Financial Aspects of the United States Pension System by : Zvi Bodie
Download or read book Financial Aspects of the United States Pension System written by Zvi Bodie and published by University of Chicago Press. This book was released on 2008-04-15 with total page 466 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides valuable information and analysis to managers, policymakers, and investment counselors in the rapidly expanding field of pension funding. American workers, too, need answers and insights on how to invest their money and plan for their retirement. fifteen of America's leading financial analysts address such pressing questions as -What is the current financial status of the elderly, and how vulnerable are they to inflation? -What is the impact of inflation on the private pension system, and what are the effects of alternative indexing schemes? -What roles can the social security system play in the provision of retirement income? -What is the effect of the tax code and the Employee Retirement Income Security Act of 1974 (ERISA) on corporate pension policy? -How well funded are corporate pension plans, and is a firm's unfunded pension liability fully reflected in the market value of its common stock? Many of the conclusions these experts reach contradict and challenge popular views, thus providing fertile ground for innovation in pension planning.
Book Synopsis The Economics of Consumption by : Tullio Jappelli
Download or read book The Economics of Consumption written by Tullio Jappelli and published by Oxford University Press. This book was released on 2017-09-01 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consumption decisions are crucial determinants of business cycles and growth. Knowledge of how consumers respond to the economic environment and how they react to the risks that they encounter during the life-cycle is therefore important for evaluating stabilization policies and the effectiveness of fiscal packages implemented in response to economic downturns or financial crises. In The Economics of Consumption, Tullio Jappelli and Luigi Pistaferri provide a comprehensive examination of the most important developments in the field of consumption decisions and evaluate economic models against empirical evidence. The first part of the book provides the basic ingredients of economic models of consumption decisions. The central part reviews the empirical literature on the effect of income and wealth changes on consumption and on the relevance of precautionary saving and credit market imperfections. The last chapters extend the basic framework to such important areas as bequests, leisure, lifetime uncertainty, and financial sophistication. Jappelli and Pistaferri shed light on important issues, including how consumption responds to changes in economic resources, how economic circumstances and consumers' characteristics influence behavior, and whether consumption inequality depends on income shocks and their persistence.
Book Synopsis Handbook of Regional and Urban Economics by : Gilles Duranton
Download or read book Handbook of Regional and Urban Economics written by Gilles Duranton and published by Elsevier. This book was released on 2015-06-29 with total page 1686 pages. Available in PDF, EPUB and Kindle. Book excerpt: Developments in methodologies, agglomeration, and a range of applied issues have characterized recent advances in regional and urban studies. Volume 5 concentrates on these developments while treating traditional subjects such as housing, the costs and benefits of cities, and policy issues beyond regional inequalities. Contributors make a habit of combining theory and empirics in each chapter, guiding research amid a trend in applied economics towards structural and quasi-experimental approaches. Clearly distinguished from the New Economic Geography covered by Volume 4, these articles feature an international approach that positions recent advances within the discipline of economics and society at large. - Emphasizes advances in applied econometrics and the blurring of "within" and "between" cities - Promotes the integration of theory and empirics in most chapters - Presents new research on housing, especially in macro and international finance contexts
Book Synopsis Contributions to Mathematical Economics in Honor of Gérard Debreu by : Gerard Debreu
Download or read book Contributions to Mathematical Economics in Honor of Gérard Debreu written by Gerard Debreu and published by North-Holland. This book was released on 1986 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: Very Good,No Highlights or Markup,all pages are intact.
Download or read book Pensionomics written by Matthias F. Jäkel and published by Springer Science & Business Media. This book was released on 2006-10-06 with total page 315 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pensionomics puts forward a portfolio perspective on the combination of funded and unfunded pension arrangements. In a second-best type argument it is formally shown that a Pay-As-You-Go pension system can substitute the tradability of human capital. While this ideal form of diversification can not be implemented due to the imperfection of capital markets, one can design a typical Pay-As-You-Go system in such a way that it allows for the same intertemporal consumption allocations as the first-best solution.
Download or read book Protecting All written by Truman Packard and published by Human Development Perspectives. This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This white paper focusses on the policy interventions made to help people manage risk, uncertainty and the losses from events whose impacts are channeled primarily through the labor market. The objectives of the white paper are: to scrutinize the relevance and effects of prevailing risk-sharing policies in low- and middle-income countries; take account of how global drivers of disruption shape and diversify how people work; in light of this diversity, propose alternative risk-sharing policies, or ways to augment and improve current policies to be more relevant and responsive to peoples' needs; and map a reasonable transition path from the current to an alternative policy approach that substantially extends protection to a greater portion of working people and their families. This white paper is a contribution to the broader, global discussion of the changing nature of work and how policy can shape its implications for the wellbeing of people. We use the term risk-sharing policies broadly in reference to the set of institutions, regulations and interventions that societies put in place to help households manage shocks to their livelihoods. These policies include formal rules and structures that regulate market interactions (worker protections and other labor market institutions) that help people pool risks (social assistance and social insurance), to save and insure affordably and effectively (mandatory and incentivized individual savings and other financial instruments) and to recover from losses in the wake of livelihood shocks ('active' reemployment measures). Effective risk-sharing policies are foundational to building equity, resilience and opportunity, the strategic objectives of the World Bank's Social Protection and Jobs Global Practice. Given failures of factor markets and the market for risk in particular the rationale for policy intervention to augment the options that people have to manage shocks to their livelihoods is well-understood and accepted. By helping to prevent vulnerable people from falling into poverty --and people in the poorest households from falling deeper into poverty-- effective risk-sharing interventions dramatically reduce poverty. Households and communities with access to effective risk-sharing instruments can better maintain and continue to invest in these vital assets, first and foremost, their human capital, and in doing so can reduce the likelihood that poverty and vulnerability will be transmitted from one generation to the next. Risk-sharing policies foster enterprise and development by ensuring that people can take appropriate risks required to grasp opportunities and secure their stake in a growing economy."--
Book Synopsis Strategic Financial Planning Over the Lifecycle by : Narat Charupat
Download or read book Strategic Financial Planning Over the Lifecycle written by Narat Charupat and published by Cambridge University Press. This book was released on 2012-05-28 with total page 383 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a final-year college level textbook on personal finance, jointly written by business school and mathematics professors. It is aimed at a wide audience of people who are interested in wealth management from a more rigorous perspective. It may be used in both personal applications and professional classrooms.
Book Synopsis Income Distribution in Macroeconomic Models by : Giuseppe Bertola
Download or read book Income Distribution in Macroeconomic Models written by Giuseppe Bertola and published by Princeton University Press. This book was released on 2014-09-28 with total page 439 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks at the distribution of income and wealth and the effects that this has on the macroeconomy, and vice versa. Is a more equal distribution of income beneficial or harmful for macroeconomic growth, and how does the distribution of wealth evolve in a market economy? Taking stock of results and methods developed in the context of the 1990s revival of growth theory, the authors focus on capital accumulation and long-run growth. They show how rigorous, optimization-based technical tools can be applied, beyond the representative-agent framework of analysis, to account for realistic market imperfections and for political-economic interactions. The treatment is thorough, yet accessible to students and nonspecialist economists, and it offers specialist readers a wide-ranging and innovative treatment of an increasingly important research field. The book follows a single analytical thread through a series of different growth models, allowing readers to appreciate their structure and crucial assumptions. This is particularly useful at a time when the literature on income distribution and growth has developed quickly and in several different directions, becoming difficult to overview.
Book Synopsis Handbook of Computational Economics by : Karl Schmedders
Download or read book Handbook of Computational Economics written by Karl Schmedders and published by Newnes. This book was released on 2013-12-31 with total page 680 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Computational Economics summarizes recent advances in economic thought, revealing some of the potential offered by modern computational methods. With computational power increasing in hardware and algorithms, many economists are closing the gap between economic practice and the frontiers of computational mathematics. In their efforts to accelerate the incorporation of computational power into mainstream research, contributors to this volume update the improvements in algorithms that have sharpened econometric tools, solution methods for dynamic optimization and equilibrium models, and applications to public finance, macroeconomics, and auctions. They also cover the switch to massive parallelism in the creation of more powerful computers, with advances in the development of high-power and high-throughput computing. Much more can be done to expand the value of computational modeling in economics. In conjunction with volume one (1996) and volume two (2006), this volume offers a remarkable picture of the recent development of economics as a science as well as an exciting preview of its future potential. - Samples different styles and approaches, reflecting the breadth of computational economics as practiced today - Focuses on problems with few well-developed solutions in the literature of other disciplines - Emphasizes the potential for increasing the value of computational modeling in economics
Book Synopsis The New Dynamic Public Finance by : Narayana R. Kocherlakota
Download or read book The New Dynamic Public Finance written by Narayana R. Kocherlakota and published by Princeton University Press. This book was released on 2010-07-01 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: Optimal tax design attempts to resolve a well-known trade-off: namely, that high taxes are bad insofar as they discourage people from working, but good to the degree that, by redistributing wealth, they help insure people against productivity shocks. Until recently, however, economic research on this question either ignored people's uncertainty about their future productivities or imposed strong and unrealistic functional form restrictions on taxes. In response to these problems, the new dynamic public finance was developed to study the design of optimal taxes given only minimal restrictions on the set of possible tax instruments, and on the nature of shocks affecting people in the economy. In this book, Narayana Kocherlakota surveys and discusses this exciting new approach to public finance. An important book for advanced PhD courses in public finance and macroeconomics, The New Dynamic Public Finance provides a formal connection between the problem of dynamic optimal taxation and dynamic principal-agent contracting theory. This connection means that the properties of solutions to principal-agent problems can be used to determine the properties of optimal tax systems. The book shows that such optimal tax systems necessarily involve asset income taxes, which may depend in sophisticated ways on current and past labor incomes. It also addresses the implications of this new approach for qualitative properties of optimal monetary policy, optimal government debt policy, and optimal bequest taxes. In addition, the book describes computational methods for approximate calculation of optimal taxes, and discusses possible paths for future research.
Book Synopsis World Saving, Prosperity and Growth by : Luigi Paganetto
Download or read book World Saving, Prosperity and Growth written by Luigi Paganetto and published by Springer. This book was released on 1993-11-12 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Life Cycle Impact Assessment by : Michael Z. Hauschild
Download or read book Life Cycle Impact Assessment written by Michael Z. Hauschild and published by Springer. This book was released on 2015-03-24 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a detailed presentation of the principles and practice of life cycle impact assessment. As a volume of the LCA compendium, the book is structured according to the LCIA framework developed by the International Organisation for Standardisation (ISO)passing through the phases of definition or selection of impact categories, category indicators and characterisation models (Classification): calculation of category indicator results (Characterisation); calculating the magnitude of category indicator results relative to reference information (Normalisation); and converting indicator results of different impact categories by using numerical factors based on value-choices (Weighting). Chapter one offers a historical overview of the development of life cycle impact assessment and presents the boundary conditions and the general principles and constraints of characterisation modelling in LCA. The second chapter outlines the considerations underlying the selection of impact categories and the classification or assignment of inventory flows into these categories. Chapters three through thirteen exploreall the impact categories that are commonly included in LCIA, discussing the characteristics of each followed by a review of midpoint and endpoint characterisation methods, metrics, uncertainties and new developments, and a discussion of research needs. Chapter-length treatment is accorded to Climate Change; Stratospheric Ozone Depletion; Human Toxicity; Particulate Matter Formation; Photochemical Ozone Formation; Ecotoxicity; Acidification; Eutrophication; Land Use; Water Use; and Abiotic Resource Use. The final two chapters map out the optional LCIA steps of Normalisation and Weighting.
Book Synopsis The Demand for Life Insurance by : Wookjae Heo
Download or read book The Demand for Life Insurance written by Wookjae Heo and published by Springer Nature. This book was released on 2019-12-27 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, adopting machine learning techniques for the financial planning field, explores the demand for life insurance as seen in previous literature and both estimates and predicts the demand for the adoption of life insurance using these techniques. Previous studies used diverse perspectives, like actuarial and life span, in order to understand the demand for life insurance, though these approaches have shown inconsistent findings. Employing two theoretical backgrounds—ecological systemic theory and artificial intellectual methodology—this book explores a better estimation and a prediction of the demand for life insurance and will be of interest to academics and students of insurance, financial planning, and risk management.
Book Synopsis Entrepreneurship, Innovation, and the Growth Mechanism of the Free-enterprise Economies by : Eytan Sheshinski
Download or read book Entrepreneurship, Innovation, and the Growth Mechanism of the Free-enterprise Economies written by Eytan Sheshinski and published by Princeton University Press. This book was released on 2007 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Publisher description
