| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2541 |
| DP2541 Measuring the Equilibrium Effects of Unemployment Benefits Dispersion | |
| Gerard Van den Berg; G Ridder; Aico van Vuuren | |
| 发表日期 | 2000-08-29 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | This paper describes the equilibrium of a discrete-time exchange economy in which consumers with arbitrary subjective discount factors and quasi-homothetic period utility functions follow linear Markov consumption and portfolio strategies. Explicit expressions are given for state prices and consumption-wealth ratios. If utility is logarithmic or endowment growth is i.i.d., then this economy is observationally equivalent to one in which consumers discount geometrically. We provide analytically convenient continuous-time approximations and examine the effects of non-geometric subjective discount factors in an economy in which log endowments are subject to temporary and permanent shocks that are governed by a Feller (1951) square-root process. Hyperbolic and quasi-hyperbolic discount factors can significantly increase the volatility of aggregate wealth and raise the expected excess return on aggregate wealth. |
| 主题 | Financial Economics |
| 关键词 | Hyperbolic discounting General equilibrium Asset pricing Consumption-wealth ratios Volatility |
| URL | https://cepr.org/publications/dp2541 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531615 |
| 推荐引用方式 GB/T 7714 | Gerard Van den Berg,G Ridder,Aico van Vuuren. DP2541 Measuring the Equilibrium Effects of Unemployment Benefits Dispersion. 2000. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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