Dynamic Life Cycle Models Of Labor Supply Consumption Saving Annuities And Job Search Behavior With Empirical Applications
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Dynamic Life Cycle Models Of Labor Supply Consumption Saving Annuities And Job Search Behavior With Empirical Applications
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Author : Hugo A. Benítez Silva
language : en
Publisher:
Release Date : 2001
Dynamic Life Cycle Models Of Labor Supply Consumption Saving Annuities And Job Search Behavior With Empirical Applications written by Hugo A. Benítez Silva and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
Essays On Dynamic Life Cycle Behavior With Heterogeneous Agents
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Author : Marios Karamparmpounis
language : en
Publisher:
Release Date : 2012
Essays On Dynamic Life Cycle Behavior With Heterogeneous Agents written by Marios Karamparmpounis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Income categories.
"In each of the following chapters I employ macroeconomic models in order to analyze the life cycle dynamics of working and savings decisions. Chapter 1 builds a model to analyze the optimal tax code if workers face differences in their labor supply elasticity. Standard public finance principles imply that workers with more elastic labor supply should face smaller tax distortions. The model quantitatively tests the potential of such an idea within a realistically calibrated life cycle model of labor supply with heterogeneous agents and incomplete markets. Heterogeneity in labor supply elasticity arises endogenously from differences in reservation wages. Older cohorts are much more responsive to wage changes than younger and especially middle aged cohorts. Both a shorter time horizon and a larger stock of savings account for this difference. Since the government does not have direct information on individual labor supply elasticity it uses these life cycle variables as informative moments. The optimal Ramsey tax policy decreases the average and marginal tax rates for agents older than 50 and more so the larger is the accumulated stock of savings. At the same time, the policy increases significantly the tax rates for middle aged workers. Finally, the optimal policy provides redistribution by decreasing tax rates of wealth-poor young workers. The policy encourages work effort by high elasticity groups while targets inelastic middle aged groups to raise revenues. As a result, total supply of labor increases by 2.98% and total capital by 5.37%. These effects translate into welfare gains of about 0.85% of annual consumption. Chapter 2 uses evidence from the Survey of Consumer Finances for the period 1998 in order to study the allocations of savings across safe and risky accounts. Safe assets include among others checking accounts, savings accounts, and money market accounts while stocks, brokerage accounts and trusts and annuities are considered risky. We document three empirical facts: i) The average household holds a low share of risky share. ii) The share of risky assets is disproportionately larger for richer households. iii) The share of risky assets increases in age. Chapter 3 examines how well a life cycle model with portfolio choice can capture the empirical trends analyzed in Chapter 2. The main finding is that standard portfolio-choice theory is hard to reconcile with the empirical facts. We show that a simple life-cycle model with Bayesian learning about earnings ability can bring the model closer to the data. Younger-wealth poor households whose incomes are skewed toward labor earnings face a large amount of risk. To hedge risk they invest in safe financial assets. As households grow older their willingness to invest in risky assets increases partially because their ability is gradually revealed and also because a larger amount of accumulated assets decreases their total risk exposure"--Leaves iv-v.
Empirical Life Cycle Models Of Labour Supply And Consumption
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Author : Tom Kornstad
language : en
Publisher: Statistik Sentralbyra
Release Date : 1995
Empirical Life Cycle Models Of Labour Supply And Consumption written by Tom Kornstad and has been published by Statistik Sentralbyra this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Business cycles categories.
Dissertation Abstracts International
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Author :
language : en
Publisher:
Release Date : 2001
Dissertation Abstracts International written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Dissertations, Academic categories.
Job Stability Earnings Dynamics And Life Cycle Savings
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Author : Moritz Kuhn
language : en
Publisher:
Release Date : 2020
Job Stability Earnings Dynamics And Life Cycle Savings written by Moritz Kuhn and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with Employee retention categories.
Labor markets are characterized by large heterogeneity in job stability. Some workers hold lifetime jobs, whereas others cycle repeatedly in and out of employment. This paper explores the economic consequences of such heterogeneity. Using Survey of Consumer Finances (SCF) data, we document a systematic positive relationship between job stability and wealth accumulation. Per dollar of income, workers with more stable careers hold more wealth. We also develop a life-cycle consumption-saving model with heterogeneity in job stability that is jointly consistent with empirical labor market mobility, earnings, consumption, and wealth dynamics. Using the structural model, we explore the consequences of heterogeneity in job stability at the individual and macroeconomic level. At the individual level, we find that a bad start to the labor market leaves long-lasting scars. The income and consumption level for a worker who starts working life from an unstable job is, even 25 years later, 5 percent lower than that of a worker who starts with a stable job. For the macroeconomy, we find welfare gains of 1.6 percent of lifetime consumption for labor market entrants from a secular decline in U.S. labor market dynamism.
Consumption Over The Life Cycle And Over The Business Cycle
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Author : Orazio P. Attanasio
language : en
Publisher:
Release Date : 1993
Consumption Over The Life Cycle And Over The Business Cycle written by Orazio P. Attanasio and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Consumption (Economics) categories.
The main aim of this paper is to assess the validity of the life cycle model of consumption. In particular, we address an issue that has recently received much attention, especially in the macroeconomic literature: that of "excess sensitivity" of consumption growth to income growth. We do this using a time series of cross sections and a novel and flexible parameterization of preferences. The former allows us to' address aggregation issues directly, while with the latter we can allow both the discount factor and the elasticity of intertemporal substitution eis to be affected by various observable variables and lifetime wealth. The main findings can be summarized as follows: (i) the excess sensitivity of consumption growth to labor income disappears when we control for demographic variables. This is true both at life cycle and business cycle frequencies. (ii) estimation of a flexible specification of preferences indicates that the elasticity of intertemporal substitution is a function of several variables, including the level of consumption. The eis increases with the level of consumption, as expected. (iii) the variables that change the eis are also important in explaining why we observe excess sensitivity over the business cycle. (iv) we are able to reconcile our results with those reported both in the macro and micro literature. (v) in our specification the elasticity of intertemporal substitution is not very well determined. This result, however, should be taken with care, as we have not made an effort to construct a 'preferred' specification, which would probably include additional controls for labor supply behavior. The evidence presented shows that the life cycle model cannot be easily dismissed. Indeed, we believe that the model does a good job at representing consumption behavior both over the life cycle and over the business cycle.
American Doctoral Dissertations
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Author :
language : en
Publisher:
Release Date : 2000
American Doctoral Dissertations written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Dissertation abstracts categories.
Dynamic Models Of Labor Supply And Retirement
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Author :
language : en
Publisher:
Release Date : 2012
Dynamic Models Of Labor Supply And Retirement written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
This dissertation contains three separate essays on the dynamic models of labor supply and retirement. The first essay documents "sharp retirement"--Retirement accompanied by a discontinuous decline in labor supply--across three data sets, which previous literature found difficult to explain. I propose and estimate a life-cycle labor supply model with habit persistence wherein sharp retirement can be explained by workers quitting "cold turkey." The working habit model is consistent with the data, where workers reduce yearly labor supply by scaling back more in hours worked per week (over 50% reduction) than in weeks worked per year (20% reduction). The fixed costs approach cannot explain these trends. Counterfactuals show that reducing Social Security benefits by 20% causes individuals work an additional 8.6 months. Individuals choosing sharp retirement respond mostly on the extensive margin by delaying retirement eight months, while individuals choosing smooth retirement respond mostly on the intensive margin by increasing yearly labor supply and delaying retirement only one month. The second essay develops and estimates a Ben-Porath human capital model in which individuals make decisions on consumption, human capital investment, labor supply, and retirement, allowing both an endogenous wage process and an endogenous retirement decision. We estimate the model using the Method of Simulated Moments to match the life-cycle profiles of wages and hours from the PSID data. Counterfactuals of delaying NRA and removing Social Security earnings test show significant increases in one individual's human capital investment at old ages, which leads to over 20% increase in the wage profile near retirement. The third essay tests for asymmetric employer learning in the labor market using a three-period model with a match component of wages. When a worker makes her quit/stay decision in a labor market with three periods, she must consider the signaling effect of her decision in subsequent periods. This breaks down some implications derived from two-period models, which are mostly used in the empirical literature. I suggest two alternative hypothesis tests for asymmetric employer learning in the model. I use the NLSY79 Work-History data and find evidence of asymmetric employer learning from these tests
Household Saving And Full Consumption Over The Life Cycle
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Author : Patricia F. Apps
language : en
Publisher:
Release Date : 2004
Household Saving And Full Consumption Over The Life Cycle written by Patricia F. Apps and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
This paper extends the standard model of life cycle consumption, saving and labor supply in a number of directions. First, it argues that consumption should be defined as expenditure on household production as well as on market goods, that is, we are interested in life cycle profiles of full consumption. If this is done, several well-known puzzles concerning life cycle consumption behaviour are resolved. Secondly, we stress the importance of the heterogeneity of household behaviour in respect of female labour supply and saving, and provide evidence to show that these are very closely related across households. Finally, we formulate theoretical and empirical models incorporating these ideas and use them to show that policy changes, such as a reduction in the progressivity of income taxation, can have effects that contrast sharply with those suggested in the existing literature.
A Unified Model Of Consumption Labor Supply And Job Search
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Author : John Joseph Seater
language : en
Publisher:
Release Date : 1975
A Unified Model Of Consumption Labor Supply And Job Search written by John Joseph Seater and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1975 with Consumption (Economics) categories.