?> 2006 – Publication Years – MRDRC

Origins of the RRC

  • June 14, 2018
  • Uncategorized

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Life-cycle Asset Allocation with Annuity Markets: Is Longevity Insurance a Good Deal?

  • June 14, 2018
  • Uncategorized

We derive the optimal portfolio choice over the life-cycle for households facinglabor income, capital market, and mortality risk. In addition to stocks and bonds,households also have access to incomplete annuity markets offering a hedge against mortality risk. We show that…

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Home Production by Dual Earner Couples and Consumption During Retirement

To study the role of home production in life—cycle behavior, this paper creates a theoretical model in which both spouses in a couple allocate their time between market and home work. It then derives a pair of regression equations for…

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How the Distribution of After-Tax Income Changed Over the 1990s Business Cycle: A Comparison of the United States, Great Britain, Germany and Japan

We find that, over their 1990s business cycles, the entire distribution of after-tax household size-adjusted income moved to the right in the United States and Great Britain while inequality declined. In contrast, Germany and Japan had less income growth, a…

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Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education Programs

Economists are beginning to investigate the causes and consequences of financial illiteracy to better understand why retirement planning is lacking and why so many households arrive close to retirement with little or no wealth. Our review reveals that many households…

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Life-Cycle Asset Allocation with Annuity Markets: Is Longevity Insurance a Good Deal?

We derive the optimal portfolio choice over the life-cycle for households facing labor income, capital market, and mortality risk. In addition to stocks and bonds, households also have access to incomplete annuity markets offering a hedge against mortality risk. We…

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Crowd-out, Adverse Selection and Information in Annuity Markets: Evidence from a New Retrospective Data Set in Chile

Annuitization is often considered a socially desirable payout mode from pension plans, because it provides a lifelong income stream and therefore ensures that retirees will not run out of money. However, annuitization is rare in most countries. This project examines…

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