The social security trust fund, the riskless interest rate, and capital accumulation:
This paper develops a tractable stochastic overlapping generations model to analyze the equilibrium equity premium and growth rate of the capital stock in the presence of a defined-benefit Social Security system. If the Social Security Trust Fund increases the share of its portfolio held in risky ca...
Gespeichert in:
| Beteilige Person: | |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
Cambridge, Mass.
1999
|
| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
6991 |
| Links: | http://papers.nber.org/papers/w6991.pdf |
| Zusammenfassung: | This paper develops a tractable stochastic overlapping generations model to analyze the equilibrium equity premium and growth rate of the capital stock in the presence of a defined-benefit Social Security system. If the Social Security Trust Fund increases the share of its portfolio held in risky capital, the equilibrium equity premium falls in the following period and along a constant growth path. This change in the portfolio of the Social Security Trust Fund will increase the growth rate of capital in the following period, and, if a certain sufficient condition is satisfied, will increase the growth rate of the capital stock along a constant growth path. Calibration of the model indicates that it can match the historical average equity premium and the historical average growth rate of the capital stock using plausible values of the preference parameters. In addition, the sufficient condition for the growth rate of the capital stock to increase along a constant growth path is satisfied. Quantitatively, the effects on the riskless interest rate and the growth rate of capital are small. |
| Umfang: | 45 S. |
Internformat
MARC
| LEADER | 00000nam a2200000 cb4500 | ||
|---|---|---|---|
| 001 | BV012670054 | ||
| 003 | DE-604 | ||
| 005 | 00000000000000.0 | ||
| 007 | t| | ||
| 008 | 990720s1999 xxu |||| 00||| engod | ||
| 035 | |a (OCoLC)80316140 | ||
| 035 | |a (DE-599)BVBBV012670054 | ||
| 040 | |a DE-604 |b ger |e rakddb | ||
| 041 | 0 | |a eng | |
| 044 | |a xxu |c XD-US | ||
| 049 | |a DE-473 |a DE-19 |a DE-521 |a DE-Re13 | ||
| 050 | 0 | |a HG136 | |
| 084 | |a QB 910 |0 (DE-625)141231: |2 rvk | ||
| 100 | 1 | |a Abel, Andrew B. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a The social security trust fund, the riskless interest rate, and capital accumulation |c Andrew B. Abel |
| 264 | 1 | |a Cambridge, Mass. |c 1999 | |
| 300 | |a 45 S. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 6991 | |
| 520 | |a This paper develops a tractable stochastic overlapping generations model to analyze the equilibrium equity premium and growth rate of the capital stock in the presence of a defined-benefit Social Security system. If the Social Security Trust Fund increases the share of its portfolio held in risky capital, the equilibrium equity premium falls in the following period and along a constant growth path. This change in the portfolio of the Social Security Trust Fund will increase the growth rate of capital in the following period, and, if a certain sufficient condition is satisfied, will increase the growth rate of the capital stock along a constant growth path. Calibration of the model indicates that it can match the historical average equity premium and the historical average growth rate of the capital stock using plausible values of the preference parameters. In addition, the sufficient condition for the growth rate of the capital stock to increase along a constant growth path is satisfied. Quantitatively, the effects on the riskless interest rate and the growth rate of capital are small. | ||
| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe |
| 830 | 0 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 6991 |w (DE-604)BV002801238 |9 6991 | |
| 856 | 4 | 1 | |u http://papers.nber.org/papers/w6991.pdf |z kostenfrei |3 Volltext |
| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-008610519 | |
Datensatz im Suchindex
| _version_ | 1818955203036053504 |
|---|---|
| any_adam_object | |
| author | Abel, Andrew B. |
| author_facet | Abel, Andrew B. |
| author_role | aut |
| author_sort | Abel, Andrew B. |
| author_variant | a b a ab aba |
| building | Verbundindex |
| bvnumber | BV012670054 |
| callnumber-first | H - Social Science |
| callnumber-label | HG136 |
| callnumber-raw | HG136 |
| callnumber-search | HG136 |
| callnumber-sort | HG 3136 |
| callnumber-subject | HG - Finance |
| classification_rvk | QB 910 |
| ctrlnum | (OCoLC)80316140 (DE-599)BVBBV012670054 |
| discipline | Wirtschaftswissenschaften |
| format | Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>02293nam a2200337 cb4500</leader><controlfield tag="001">BV012670054</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">00000000000000.0</controlfield><controlfield tag="007">t|</controlfield><controlfield tag="008">990720s1999 xxu |||| 00||| engod</controlfield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)80316140</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV012670054</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">rakddb</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="044" ind1=" " ind2=" "><subfield code="a">xxu</subfield><subfield code="c">XD-US</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-473</subfield><subfield code="a">DE-19</subfield><subfield code="a">DE-521</subfield><subfield code="a">DE-Re13</subfield></datafield><datafield tag="050" ind1=" " ind2="0"><subfield code="a">HG136</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">QB 910</subfield><subfield code="0">(DE-625)141231:</subfield><subfield code="2">rvk</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Abel, Andrew B.</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">The social security trust fund, the riskless interest rate, and capital accumulation</subfield><subfield code="c">Andrew B. Abel</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Cambridge, Mass.</subfield><subfield code="c">1999</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">45 S.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="1" ind2=" "><subfield code="a">National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series</subfield><subfield code="v">6991</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">This paper develops a tractable stochastic overlapping generations model to analyze the equilibrium equity premium and growth rate of the capital stock in the presence of a defined-benefit Social Security system. If the Social Security Trust Fund increases the share of its portfolio held in risky capital, the equilibrium equity premium falls in the following period and along a constant growth path. This change in the portfolio of the Social Security Trust Fund will increase the growth rate of capital in the following period, and, if a certain sufficient condition is satisfied, will increase the growth rate of the capital stock along a constant growth path. Calibration of the model indicates that it can match the historical average equity premium and the historical average growth rate of the capital stock using plausible values of the preference parameters. In addition, the sufficient condition for the growth rate of the capital stock to increase along a constant growth path is satisfied. Quantitatively, the effects on the riskless interest rate and the growth rate of capital are small.</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Erscheint auch als</subfield><subfield code="n">Online-Ausgabe</subfield></datafield><datafield tag="830" ind1=" " ind2="0"><subfield code="a">National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series</subfield><subfield code="v">6991</subfield><subfield code="w">(DE-604)BV002801238</subfield><subfield code="9">6991</subfield></datafield><datafield tag="856" ind1="4" ind2="1"><subfield code="u">http://papers.nber.org/papers/w6991.pdf</subfield><subfield code="z">kostenfrei</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="943" ind1="1" ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-008610519</subfield></datafield></record></collection> |
| id | DE-604.BV012670054 |
| illustrated | Not Illustrated |
| indexdate | 2024-12-20T10:34:19Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-008610519 |
| oclc_num | 80316140 |
| open_access_boolean | 1 |
| owner | DE-473 DE-BY-UBG DE-19 DE-BY-UBM DE-521 DE-Re13 DE-BY-UBR |
| owner_facet | DE-473 DE-BY-UBG DE-19 DE-BY-UBM DE-521 DE-Re13 DE-BY-UBR |
| physical | 45 S. |
| publishDate | 1999 |
| publishDateSearch | 1999 |
| publishDateSort | 1999 |
| record_format | marc |
| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Abel, Andrew B. Verfasser aut The social security trust fund, the riskless interest rate, and capital accumulation Andrew B. Abel Cambridge, Mass. 1999 45 S. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 6991 This paper develops a tractable stochastic overlapping generations model to analyze the equilibrium equity premium and growth rate of the capital stock in the presence of a defined-benefit Social Security system. If the Social Security Trust Fund increases the share of its portfolio held in risky capital, the equilibrium equity premium falls in the following period and along a constant growth path. This change in the portfolio of the Social Security Trust Fund will increase the growth rate of capital in the following period, and, if a certain sufficient condition is satisfied, will increase the growth rate of the capital stock along a constant growth path. Calibration of the model indicates that it can match the historical average equity premium and the historical average growth rate of the capital stock using plausible values of the preference parameters. In addition, the sufficient condition for the growth rate of the capital stock to increase along a constant growth path is satisfied. Quantitatively, the effects on the riskless interest rate and the growth rate of capital are small. Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 6991 (DE-604)BV002801238 6991 http://papers.nber.org/papers/w6991.pdf kostenfrei Volltext |
| spellingShingle | Abel, Andrew B. The social security trust fund, the riskless interest rate, and capital accumulation National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| title | The social security trust fund, the riskless interest rate, and capital accumulation |
| title_auth | The social security trust fund, the riskless interest rate, and capital accumulation |
| title_exact_search | The social security trust fund, the riskless interest rate, and capital accumulation |
| title_full | The social security trust fund, the riskless interest rate, and capital accumulation Andrew B. Abel |
| title_fullStr | The social security trust fund, the riskless interest rate, and capital accumulation Andrew B. Abel |
| title_full_unstemmed | The social security trust fund, the riskless interest rate, and capital accumulation Andrew B. Abel |
| title_short | The social security trust fund, the riskless interest rate, and capital accumulation |
| title_sort | the social security trust fund the riskless interest rate and capital accumulation |
| url | http://papers.nber.org/papers/w6991.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT abelandrewb thesocialsecuritytrustfundtherisklessinterestrateandcapitalaccumulation |