| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25133 |
| 来源ID | Working Paper 25133 |
| How Will Persistent Low Expected Returns Shape Household Economic Behavior? | |
| Vanya Horneff; Raimond Maurer; Olivia S. Mitchell | |
| 发表日期 | 2018-10-08 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Many believe that global capital markets will generate lower returns in the future versus the past. We examine how persistently lower real returns will reshape work, retirement, saving, and investment behavior of older persons using a calibrated dynamic life cycle model. In a low return regime, workers build up less wealth in their tax-qualified 401(k) accounts versus the past, claim social security benefits later, and work more. Moreover, the better-educated are more sensitive to real interest rate changes, and the least-educated alter their behavior less. Interestingly, wealth inequality is lower in periods of persistent low expected returns. |
| 主题 | Microeconomics ; Households and Firms ; Behavioral Economics ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions |
| URL | https://www.nber.org/papers/w25133 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582807 |
| 推荐引用方式 GB/T 7714 | Vanya Horneff,Raimond Maurer,Olivia S. Mitchell. How Will Persistent Low Expected Returns Shape Household Economic Behavior?. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25133.pdf（333KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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