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Diskussionspapiere 1140 / 2011
How can public pension systems be reformed to ensure fiscal stability in the face of increasing life expectancy? To address this pressing open question in public finance, we estimate a life-cycle model in which the optimal employment, retirement and consumption decisions of forward-looking individuals depend, inter alia, on life expectancy and the design of the public pension system. We calculate that, ...
2011| Peter Haan, Victoria Prowse
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Diskussionspapiere 1057 / 2010
Micro-econometric intra-cohort profitability analyses of pay-as-you-go (PAYG) pension contributions are rare. We use representative employment histories of a birth cohort of German PAYG pension insurants retiring in year 2005 to econometrically examine the determinants of the profitability of such contributions using nominal internal rates of return (IRR) as profitability measure. When future nominal ...
2010| Carsten Schröder
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SOEPpapers 583 / 2013
This paper proposes a dynamic life cycle model of health risks, employment, early retirement, and wealth accumulation in order to analyze the health-related risks of consumption and old age poverty. In particular, the model includes a health process, the interaction between health and employment risks, and an explicit modeling of the German public insurance schemes. I rely on a dynamic programming ...
2013| Daniel Kemptner
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SOEPpapers 396 / 2011
How can public pension systems be reformed to ensure fiscal stability in the face of increasing life expectancy? To address this pressing open question in public finance, we estimate a life-cycle model in which the optimal employment, retirement and consumption decisions of forward-looking individuals depend, inter alia, on life expectancy and the design of the public pension system. We calculate that, ...
2011| Peter Haan, Victoria Prowse
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FINESS Working Papers 4.5 / 2010
We use a life-cycle model of consumption and portfolio choice to study the effects of social security on the investment decisions of households for the European case. Our model is mainly based on the one developed by Cocco, Gomes, and Maenhout (2005). We extend it by unemployment risk using Markov chains to model the transition between different employment states. In contrast to most models in the ...
2010| Vladimir Kuzin, Franziska Bremus
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Externe Monographien
Households can rely on private savings or on public unemployment insurance to hedge against the risk of becoming unemployed. These hedging mechanisms are used differently across countries. In this paper, we use a life cycle model to study the effects of unemployment on the portfolio choice of households in the US and in Germany. We distinguish short- and long-term unemployment and find that, in case ...
Tübingen:
IAW,
2011,
53 S.
(IAW Discussion Papers ; 77)
| Franziska Bremus, Vladimir Kuzin
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Diskussionspapiere 978 / 2010
We use a life cycle model of consumption and portfolio choice to study the effects of social security on the investment decisions of households for the European case. Our model is mainly based on the one developed by Cocco, Gomes, and Maenhout (2005). We extend it by unemployment risk using Markov chains to model the transition between different employment states. In contrast to most models in the ...
2010| Vladimir Kuzin, Franziska Bremus
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Externe Monographien
We calculate the expected distributional effects of the European Emissions Trading System combining industry and household-level data. By combining data on direct CO2 emissions by production sector from the German Environmental Account with the German Input-Output Accounts, we calculate the CO2 intensity of each sector covered by the EU ETS. We focus on the impact of price increases in the electricity ...
Berlin:
Freie Univ. Berlin, FB Wirtschaftswiss.,
2012,
26 S.
(Discussion Paper / School of Business & Economics ; 2012,6)
| Johanna Cludius, Martin Beznoska, Viktor Steiner