Optimal savings distortions with recursive preferences:
This paper derives an intertemporal optimality condition for economies with private information, focusing on a class of recursive preferences. By comparing it to the situation where agents can freely save in a risk-free asset market, we derive the optimal savings distortions necessary for constraine...
Gespeichert in:
| Beteiligte Personen: | , |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2008
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| Schriftenreihe: | Working paper series / National Bureau of Economic Research
13720 |
| Links: | http://papers.nber.org/papers/w13720.pdf |
| Zusammenfassung: | This paper derives an intertemporal optimality condition for economies with private information, focusing on a class of recursive preferences. By comparing it to the situation where agents can freely save in a risk-free asset market, we derive the optimal savings distortions necessary for constrained optimality. Our recursive preferences are homogeneous and satisfy a balanced growth condition, while allowing us to separate the role of risk aversion and intertemporal elasticity of substitution. We perform some quantitative exercises that disentangle the respective roles played by these two parameters play in opt8imal distortions and the implied welfare gains. |
| Umfang: | 34 S. 22 cm |
Internformat
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| 100 | 1 | |a Farhi, Emmanuel |d 1978-2020 |e Verfasser |0 (DE-588)12936729X |4 aut | |
| 245 | 1 | 0 | |a Optimal savings distortions with recursive preferences |c Emmanuel Farhi ; Iván Werning |
| 264 | 1 | |a Cambridge, Mass. |b National Bureau of Economic Research |c 2008 | |
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| 490 | 1 | |a Working paper series / National Bureau of Economic Research |v 13720 | |
| 520 | |a This paper derives an intertemporal optimality condition for economies with private information, focusing on a class of recursive preferences. By comparing it to the situation where agents can freely save in a risk-free asset market, we derive the optimal savings distortions necessary for constrained optimality. Our recursive preferences are homogeneous and satisfy a balanced growth condition, while allowing us to separate the role of risk aversion and intertemporal elasticity of substitution. We perform some quantitative exercises that disentangle the respective roles played by these two parameters play in opt8imal distortions and the implied welfare gains. | ||
| 700 | 1 | |a Werning, Iván |d 1974- |e Verfasser |0 (DE-588)128970103 |4 aut | |
| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe |
| 810 | 2 | |a National Bureau of Economic Research <Cambridge, Mass.> |t NBER working paper series |v 13720 |w (DE-604)BV002801238 |9 13720 | |
| 856 | 4 | 1 | |u http://papers.nber.org/papers/w13720.pdf |z kostenfrei |3 Volltext |
| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-016908945 | |
Datensatz im Suchindex
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| author | Farhi, Emmanuel 1978-2020 Werning, Iván 1974- |
| author_GND | (DE-588)12936729X (DE-588)128970103 |
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| author_role | aut aut |
| author_sort | Farhi, Emmanuel 1978-2020 |
| author_variant | e f ef i w iw |
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| bvnumber | BV023593615 |
| ctrlnum | (OCoLC)611667686 (DE-599)GBV558151744 |
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| id | DE-604.BV023593615 |
| illustrated | Not Illustrated |
| indexdate | 2024-12-20T13:23:21Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016908945 |
| oclc_num | 611667686 |
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| owner_facet | DE-521 |
| physical | 34 S. 22 cm |
| publishDate | 2008 |
| publishDateSearch | 2008 |
| publishDateSort | 2008 |
| publisher | National Bureau of Economic Research |
| record_format | marc |
| series2 | Working paper series / National Bureau of Economic Research |
| spelling | Farhi, Emmanuel 1978-2020 Verfasser (DE-588)12936729X aut Optimal savings distortions with recursive preferences Emmanuel Farhi ; Iván Werning Cambridge, Mass. National Bureau of Economic Research 2008 34 S. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 13720 This paper derives an intertemporal optimality condition for economies with private information, focusing on a class of recursive preferences. By comparing it to the situation where agents can freely save in a risk-free asset market, we derive the optimal savings distortions necessary for constrained optimality. Our recursive preferences are homogeneous and satisfy a balanced growth condition, while allowing us to separate the role of risk aversion and intertemporal elasticity of substitution. We perform some quantitative exercises that disentangle the respective roles played by these two parameters play in opt8imal distortions and the implied welfare gains. Werning, Iván 1974- Verfasser (DE-588)128970103 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 13720 (DE-604)BV002801238 13720 http://papers.nber.org/papers/w13720.pdf kostenfrei Volltext |
| spellingShingle | Farhi, Emmanuel 1978-2020 Werning, Iván 1974- Optimal savings distortions with recursive preferences |
| title | Optimal savings distortions with recursive preferences |
| title_auth | Optimal savings distortions with recursive preferences |
| title_exact_search | Optimal savings distortions with recursive preferences |
| title_full | Optimal savings distortions with recursive preferences Emmanuel Farhi ; Iván Werning |
| title_fullStr | Optimal savings distortions with recursive preferences Emmanuel Farhi ; Iván Werning |
| title_full_unstemmed | Optimal savings distortions with recursive preferences Emmanuel Farhi ; Iván Werning |
| title_short | Optimal savings distortions with recursive preferences |
| title_sort | optimal savings distortions with recursive preferences |
| url | http://papers.nber.org/papers/w13720.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT farhiemmanuel optimalsavingsdistortionswithrecursivepreferences AT werningivan optimalsavingsdistortionswithrecursivepreferences |