Essays on heterogeneity and macroeconomic dynamics

Limited asset market participation is a well-known stylized fact and a widespread phenomenon even in developed economies. While existing models have already examined the effects of social security and its reforms on welfare and inequality, little attention has been devoted to the role of public pens...

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Detalhes bibliográficos
Autor: Caracciolo, Giacomo
Formato: tesis doctoral
Estado:Versión publicada
Fecha de publicación:2019
País:España
Recursos:CBUC, CESCA
Repositorio:TDR. Tesis Doctorales en Red
OAI Identifier:oai:www.tdx.cat:10803/668366
Acesso em linha:http://hdl.handle.net/10803/668366
Access Level:acceso abierto
Palavra-chave:Heterogeneity
Macroeconomic dynamics
33
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spelling Essays on heterogeneity and macroeconomic dynamicsCaracciolo, GiacomoHeterogeneityMacroeconomic dynamics33Limited asset market participation is a well-known stylized fact and a widespread phenomenon even in developed economies. While existing models have already examined the effects of social security and its reforms on welfare and inequality, little attention has been devoted to the role of public pensions in the context of limited asset market participation. I develop a quantitative overlapping generations general equilibrium model where heterogenous agents face a financial friction limiting access to capital markets. I examine how, in presence of the market imperfection, a public pay-as-you-go system affects consumption and wealth inequality and compare the results with a standard model that does not account for limited asset market participation. In a second exercise, I study the implications, in terms of inequality, of an increase in the retirement age in response to a population ageing shock. I find that limited asset participation is important for the analysis of the impact of social security on overall inequality and on inequality within age groups.Programa de doctorat en Economia, Finances i EmpresaUniversitat Pompeu FabraDebortoli, DavideGalí, JordiUniversitat Pompeu Fabra. Departament d'Economia i Empresa202020202019info:eu-repo/semantics/doctoralThesisinfo:eu-repo/semantics/publishedVersion133 p.application/pdfapplication/pdfhttp://hdl.handle.net/10803/668366TDX (Tesis Doctorals en Xarxa)reponame:TDR. Tesis Doctorales en Redinstname:CBUC, CESCAInglésADVERTIMENT. L'accés als continguts d'aquesta tesi doctoral i la seva utilització ha de respectar els drets de la persona autora. Pot ser utilitzada per a consulta o estudi personal, així com en activitats o materials d'investigació i docència en els termes establerts a l'art. 32 del Text Refós de la Llei de Propietat Intel·lectual (RDL 1/1996). Per altres utilitzacions es requereix l'autorització prèvia i expressa de la persona autora. En qualsevol cas, en la utilització dels seus continguts caldrà indicar de forma clara el nom i cognoms de la persona autora i el títol de la tesi doctoral. No s'autoritza la seva reproducció o altres formes d'explotació efectuades amb finalitats de lucre ni la seva comunicació pública des d'un lloc aliè al servei TDX. Tampoc s'autoritza la presentació del seu contingut en una finestra o marc aliè a TDX (framing). Aquesta reserva de drets afecta tant als continguts de la tesi com als seus resums i índexs.info:eu-repo/semantics/openAccessoai:www.tdx.cat:10803/6683662026-06-14T12:46:07Z
dc.title.none.fl_str_mv Essays on heterogeneity and macroeconomic dynamics
title Essays on heterogeneity and macroeconomic dynamics
spellingShingle Essays on heterogeneity and macroeconomic dynamics
Caracciolo, Giacomo
Heterogeneity
Macroeconomic dynamics
33
title_short Essays on heterogeneity and macroeconomic dynamics
title_full Essays on heterogeneity and macroeconomic dynamics
title_fullStr Essays on heterogeneity and macroeconomic dynamics
title_full_unstemmed Essays on heterogeneity and macroeconomic dynamics
title_sort Essays on heterogeneity and macroeconomic dynamics
dc.creator.none.fl_str_mv Caracciolo, Giacomo
author Caracciolo, Giacomo
author_facet Caracciolo, Giacomo
author_role author
dc.contributor.none.fl_str_mv Debortoli, Davide
Galí, Jordi
Universitat Pompeu Fabra. Departament d'Economia i Empresa
dc.subject.none.fl_str_mv Heterogeneity
Macroeconomic dynamics
33
topic Heterogeneity
Macroeconomic dynamics
33
description Limited asset market participation is a well-known stylized fact and a widespread phenomenon even in developed economies. While existing models have already examined the effects of social security and its reforms on welfare and inequality, little attention has been devoted to the role of public pensions in the context of limited asset market participation. I develop a quantitative overlapping generations general equilibrium model where heterogenous agents face a financial friction limiting access to capital markets. I examine how, in presence of the market imperfection, a public pay-as-you-go system affects consumption and wealth inequality and compare the results with a standard model that does not account for limited asset market participation. In a second exercise, I study the implications, in terms of inequality, of an increase in the retirement age in response to a population ageing shock. I find that limited asset participation is important for the analysis of the impact of social security on overall inequality and on inequality within age groups.
publishDate 2019
dc.date.none.fl_str_mv 2019
2020
2020
dc.type.none.fl_str_mv info:eu-repo/semantics/doctoralThesis
info:eu-repo/semantics/publishedVersion
format doctoralThesis
status_str publishedVersion
dc.identifier.none.fl_str_mv http://hdl.handle.net/10803/668366
url http://hdl.handle.net/10803/668366
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv 133 p.
application/pdf
application/pdf
dc.publisher.none.fl_str_mv Universitat Pompeu Fabra
publisher.none.fl_str_mv Universitat Pompeu Fabra
dc.source.none.fl_str_mv TDX (Tesis Doctorals en Xarxa)
reponame:TDR. Tesis Doctorales en Red
instname:CBUC, CESCA
instname_str CBUC, CESCA
reponame_str TDR. Tesis Doctorales en Red
collection TDR. Tesis Doctorales en Red
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15,228081

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