D Krueger… - Review of Economic Studies, 2006 - Wiley Online Library
Using data from the Consumer Expenditure Survey, we first document that the recent
increase in income inequality in the US has not been accompanied by a corresponding rise
in consumption inequality. Much of this divergence is due to different trends in within- ...
JC Conesa… - Review of Economic Dynamics, 1999 - Elsevier
This paper analyzes the quantitative role of idiosyncratic uncertainty in an economy in which
rational agents vote on hypothetical social security reforms. We find that the role of a pay-as-
you-go social security system as a partial insurance and redistribution device significantly ...
J Fernandez-Villaverde… - Proceedings of the 2002 North …, 2002 - ssc.upenn.edu
Abstract Micro data show two key patterns of consumption and asset holdings over the life
cycle. First, consumption expenditures on both durable and nondurable goods are hump-
shaped. Second, young households keep very few liquid assets and hold most of their ...
JC Conesa, S Kitao… - 2007 - nber.org
In this paper we quantitatively characterize the optimal capital and labor income tax in an
overlapping generations model with idiosyncratic, uninsurable income shocks, where
households also differ permanently with respect to their ability to generate income. The ...
J Fernandez-Villaverde… - 2002 - nber.org
This paper uses a seminonparametric model and Consumer Expenditure Survey data to
estimate life cycle profiles of consumption, controlling for demographics, cohort and time e.
ects. In addition to documenting profiles for total and nondurable consumption, we devote ...
D Krueger… - 2003 - nber.org
This paper studies an Overlapping Generations model with stochastic production and
incomplete markets to assess whether the introduction of an unfunded social security system
can lead to a Pareto improvement. When returns to capital and wages are imperfectly ...
JC Conesa… - Journal of Monetary Economics, 2006 - Elsevier
This paper computes the optimal progressivity of the income tax code in a dynamic general
equilibrium model with household heterogeneity in which uninsurable labor productivity risk
gives rise to a nontrivial income and wealth distribution. A progressive tax system serves ...
D Krueger… - Journal of Economic Growth, 2004 - Springer
In this paper, we develop a model of technology adoption and economic growth in which
households optimally obtain either a concept-based,“general” education or a skill-
specific,“vocational” education. General education is costly to obtain, but enables workers ...
D Krueger… - Journal of Monetary Economics, 2007 - Elsevier
This paper employs a multi-country large-scale Overlapping Generations model with
uninsurable labor productivity and mortality risk to quantify the impact of the demographic
transition towards an older population in industrialized countries on world-wide rates of ...
D Krueger… - Journal of Monetary Economics, 2004 - Elsevier
European economic growth has been weak, compared to the US, since the 1980s. In
previous work (Krueger and Kumar, 2003, NBER Working Paper No. 9410), we argued that
the European focus on specialized, vocational education might have been effective during ...
D Krueger,
F Perri… - 1999 - minneapolisfed.org
ABSTRACT We explore the welfare consequences of different taxation schemes in an
economy where agents are debtЛconstrained. If agents default on their debt, they are
banned from future credit markets, but retain their private endowments which are subject ...
D Krueger… - 2003 - nber.org
This paper analyzes dynamic equilibrium risk sharing contracts between profit-maximizing
intermediaries and a large pool of ex-ante identical agents that face idiosyncratic income
uncertainty that makes them heterogeneous ex-post. In any given period, after having ...
D Krueger… - Journal of Economic Dynamics and Control, 2004 - Elsevier
In this paper we develop a projection algorithm to approximate equilibria in overlapping
generations economies with a large number of generations and stochastic aggregate
production. In these types of economies the state space includes the distribution of wealth ...
D Krueger… - 2004 - nber.org
The sharp increase in wage and earnings inequality in the United States over the last 30
years is a well-documented fact. Katz and Autor (1999) summarize the findings of a large
body of empirical research on this topic by concluding that" many researchers using a ...
D Krueger… - The American Economic Review, 2002 - JSTOR
The role that an unfunded social-security system may play in facilitating the allocation of
aggregate risk among generations was a key consideration in its introduction and is an
important aspect in its current reform debate (see Henry Aaron et al., 2001; Gary Burtless, ...
D Krueger… - Journal of Economic Theory, 2011 - Elsevier
Can public income insurance through progressive income taxation improve the allocation of
risk in an economy where private risk sharing is incomplete? The answer depends crucially
on the fundamental friction that limits private risk sharing in the first place. If risk sharing is ...
K Jeske… - FRB of Atlanta Working Paper No. 2005-15, 2005 - papers.ssrn.com
Abstract: This paper studies the macroeconomic effects of implicit government guarantees of
the obligations of government-sponsored enterprises. We construct a model with competitive
housing and mortgage markets in which the government provides banks with insurance ...
D Krueger - unpublished paper, Federal Reserve Bank of …, 1999 - Citeseer
Abstract This paper compares the degree to which a model with endogenous debt
constraints versus a standard incomplete markets model can explain the lack of risk sharing
observed in cross-section micro data. The model with endogenous debt constraints does ...
[CITATION] kDoes Income Inequality Lead to Consumption Inequality
D Krueger… - Evidence and Theory, lReview of Economic Studies, 2006
D Krueger… - Journal of Economic Theory, 2010 - Elsevier
In a standard incomplete markets model with a continuum of households that have constant
relative risk aversion (CRRA) preferences, the absence of insurance markets for
idiosyncratic labor income risk has no effect on the premium for aggregate risk if the ...
D Krueger,
F Perri, L Pistaferri… - Review of Economic …, 2010 - Elsevier
This article provides an introduction to the special issue of the Review of Economic
Dynamics on “Cross-Sectional Facts for Macroeconomists”. The issue documents, for nine
countries, the level and the evolution, over time and over the life cycle, of several ...
D Krueger… - Journal of the European Economic …, 2005 - Wiley Online Library
Abstract Consumption models with endogenous debt constraints differ from standard
incomplete markets models in their predictions about an individual household's ability to
smooth consumption across time and states of the world. In this paper we develop these ...
N Fuchs-Schündeln, D Krueger… - Review of Economic …, 2010 - Elsevier
In this paper we first document inequality trends in wages, hours worked, earnings,
consumption, and wealth for Germany from the last twenty years. We generally find that
inequality was relatively stable in West Germany until the German reunification, and then ...
D Krueger… - International Economic Review, 2005 - Wiley Online Library
This article studies the effects of child labor legislation on human capital accumulation and
the distribution of wealth and welfare. We calibrate our model to US data circa 1880 and find
that the consequences of restricting child labor or providing tax-financed education ...
J Fernandez-Villaverde… - Macroeconomic …, 2011 - Cambridge Univ Press
In this paper we investigate whether a standard life-cycle model in which households
purchase nondurable consumption and consumer durables and face idiosyncratic income
and mortality risk as well as endogenous borrowing constraints can account for two key ...
D Krueger… - 2009 - weindex.info
Abstract We use the Italian Survey of Household Income and Wealth from 1987 to 2008 and
the two most recent waves of the Panel Study of Income Dynamics (for the years 2004 and
2006), the only available micro data-sets that contain a household panel on detailed ...
D Krueger - CESifo Economic Studies, 2006 - CESifo Group
Abstract In this article, I discuss the role a progressive income tax system and a redistributive
pay as you go (PAYGO) social security system can play in insuring and reallocating
idiosyncratic as well as aggregate risk. I also argue that the underlying source of market ...
Abstract This paper shows that in a class of incomplete markets model with large number of
agents that have constant relative risk aversion (CRRA) preferences the lack of insurance
markets for idiosyncratic labor income risk has no effect on the premium for aggregate risk, ...
D Krueger,
H Lustig… - Journal of the European …, 2008 - Wiley Online Library
Abstract We evaluate the asset pricing implications of a class of models in which risk sharing
is imperfect because of limited enforcement of intertemporal contracts. Lustig (2004) has
shown that in such a model the asset pricing kernel can be written as a simple function of ...
P Bajari, P Chan, D Krueger… - 2010 - nber.org
Using data from the Panel Study of Income Dynamics (PSID) we specify, estimate and
simulate a dynamic structural model of housing demand. Our model generalizes previous
applied econometric work by incorporating realistic features of the housing market ...
D Krueger… - 2002 - papers.ssrn.com
Abstract: This paper constructs a dynamic heterogeneous agent general equilibrium model
to quantify the effects of child labor laws on human capital accumulation and the distribution
of welfare. We find that the welfare consequences of a policy reform for agents depend ...
D Krueger… - U. Penn. Working Paper, 2001 - econ.upenn.edu
Abstract In this paper we investigate whether a standard life cycle model in which
households purchase nondurable consumption and consumer durables and face
idiosyncratic income and mortality risk as well as endogenous borrowing constraints can ...
In this paper we construct a stochastic overlapping-generations general equilibrium model
in which households are subject to aggregate shocks that affect both wages and asset
prices. We use a calibrated version of the model to quantify how the welfare costs of ...
M Doepke… - 2006 - nber.org
In this paper we investigate the positive and normative consequences of child-labor
restrictions for economic aggregates and welfare. We argue that even though the laissez-
faire equilibrium may be inefficient, there are usually better policies to cure these ...
D Krueger - Capital Markets in the Long Term: Demography, …, 2004 - econ.upenn.edu
Abstract In this essay I review the basic life cycle theory of saving to obtain predictions for
aggregate savings dynamics in societies that undergo an aging process like the one
predicted for all major industrialized countries in the near future. The data indicates that ...
[CITATION] Consumption over the Life Cycle: Facts from Consumer Expenditure Survey Data
D Krueger… - NBER Working Paper No. 9382, December …, 2004
D Krueger… - 2007 - esst2006.com
Abstract We construct a model with a large number of agents who have constant relative risk
aversion (CRRA) preferences and face potentially tight solvency constraints. We show that
the absence of insurance markets for idiosyncratic labor income risk has no effect on the ...
D Krueger… - 2002 - papers.ssrn.com
Abstract: In this paper, we develop a model of technology adoption and economic growth in
which households optimally obtain either a concept-based," general" education or a skill-
specific," vocational" education. General education is more costly to obtain, but reduces ...
[CITATION] Competitive risk sharing with costly recontracting
D Krueger… - Journal of Monetary Economics, 2005
D Krueger… - 2005 Meeting Papers, 2005 - ideas.repec.org
No abstract is available for this item. ... To our knowledge, this item is not available for
download. To find whether it is available, there are three options: 1. Check below under "Related
research" whether another version of this item is available online. 2. Check on the ...
[CITATION] Markov equilibria in macroeconomics
D Krueger… - The New Palgrave Dictionary of Economics', Palgrave …, 2008
D Krueger, K Kumar - manuscript …, 2003 - carnegie-rochester.rochester.edu
Abstract European economic growth has been weak, compared to the US, since the 80s. In
previous work (Krueger and Kumar (2003)), we argued that the European focus on
specialized, vocational education might have been effective during the 60s and 70s, but ...
D Krueger - Online@ http://www. iies. su. se, 2002 - netfiles.uiuc.edu
After a quick warm'up for dynamic general equilibrium models in the first part of the course
we will discuss the two workhorses of modern macroeconomics, the neoclassical growth
model with infinitely lived consumers and the Overlapping Generations (OLG) model. This ...
BA Malin, D Krueger… - Journal of Economic Dynamics and …, 2011 - Elsevier
We describe a sparse-grid collocation method to compute recursive solutions of dynamic
economies with a sizable number of state variables. We show how powerful this method can
be in applications by computing the non-linear recursive solution of an international real ...
[CITATION] Consumption and Saving over the Life-Cycle: How Important are Consumer Durables?, in Proceedingof the 2002 North American Summer Meetings of the …
J Fernandez-Villaverde… - 2002
J Fernández-Villaverde… - 2002 - en.scientificcommons.org
Abstract This paper uses a seminonparametric model and Consumer Expenditure Survey
data to estimate life cycle profiles of consumption, controlling for demographics, cohort and
time effects. In addition to documenting profiles for total and nondurable consumption, we ...
[CITATION] Risk Sharing with Incomplete Markets
D Krueger - 1998 - mimeo
JC Conesa… - Working Papers in Economics, 1998 - ideas.repec.org
This paper analyzes the quantitative role of idiosyncratic uncertainty in an economy in which
rational agents vote on hypothetical social security reforms. We construct an Overlapping
Generations economy in which individuals face idiosuncratic risk with respect to their ...
[CITATION] Consumption over the Life Cycle: Some Facts from CEX Data
D Krueger… - Review of Economics and Statistics, 2007
[CITATION] Intergenerational Risk Sharing via Social Security?
D Krueger… - American Economic Review, forthcoming, 2006
[CITATION] Consumption over the life cycle: Facts from the consumer expenditure survey
D Krueger… - Review of Economics and Statistics, 2006
K Jeske, D Krueger… - 2011 - nber.org
This paper evaluates the macroeconomic and distributional effects of government bailout
guarantees for Government Sponsored Enterprises (such as Fannie Mae and Freddy Mac)
in the mortgage market. In order to do so we construct a model with heterogeneous, ...
D Krueger - 1999 - en.scientificcommons.org
Publikationsansicht. 34713348. Risk sharing with incomplete markets : macroeconomic and fiscal
policy implications / (1999). Krueger, Dirk. Abstract. Thesis (Ph. D.)--University of Minnesota,
1999.. Includes bibliographical references (leaves 144-150). Details der Publikation. ...
[CITATION] Consumption over the Life Cycle: Some Facts from CEX Data
J Fernandex-Villaverde… - Review of Economics and Statistics, 2002
[CITATION] Villaverde (2001), jConsumption and Saving over the Life% Cycle: How Important are Consumer Durables?, kU
D Krueger… - Penn. Working Paper
[CITATION] Consumption over the Life
J Fernández-Villaverde… - 2005
D Krueger… - 2008 - daaem.itam.mx
Abstract We use the Italian Survey of Household Income and Wealth (SHIW) to document
how the consumption of nondurables and durables, capital income and real as well as
finacial wealth change in response to a labor income shock. We find that nondurable ...
[CITATION] Life-Cycle Consumption, Debt Constraints and Durable Goods
J Fernández-Villaverde… - 2006 - Working Paper, University of …
[CITATION] VConsumption over the Life Cycle: Facts from Consumer Expenditure Survey Data
J Ferdnadez&Villaverde… - V forthcoming in Review of Economics and …, 2006
D Krueger… - 2004 - nber.org
In this paper we construct a dynamic heterogeneous agent general equilibrium model to
quantify the effects of child labor legislation on human capital accumulation and the
distribution of wealth and welfare. Crucial model elements include a human capital ...
[CITATION] How do households respond to income changes?
D Krueger… - 2008 - Mimeo, University of Minnesota
[CITATION] Forthcoming.“Consumption over the Life Cycle: Some Facts from Consumer Expenditure Survey Data.”
J Fernández-Villaverde… - Review of Economics and Statistics
[CITATION] On the Welfare Consequences of the Increase in Income Inequality in the United States
D Krueger… - 2003 - Working Paper
[CITATION] Consumption and Saving over the Life Cycle: How Important are Consumer Durables. Macroeconomic Dynamics, forthcoming
J Fernandez-Villaverde… - 2011
[CITATION] CFS Conference Volume: Capital Markets in the Long Term: Demography, Economic Development, and Funded Pension Systems
D Krueger - 2004 - November
[CITATION] VSocial Security with Heterogeneous AgentsV
D Krueger… - Review of Economic Dynamics
[CITATION] How does Household Consumption Respond to Income Shocks? Evidence, Theory and Implications
D Krueger… - 2008 - mimeo, University of Pennsylvania
Abstract We construct a stochastic overlapping-generations model in which households of
different ages are subject to aggregate shocks that affect both wages and asset prices. We
use a realistically calibrated version of the model to assess the distributional ...
D Krueger - 2001 - Citeseer
In these notes we will first summarize some key empirical regularities charac% terizing
individual consumption and saving behavior over time and states of the world. We will also
document some empirical puzzles that we aim at explaining with the models to be ...
D Krueger… - NYU Working Paper No. S-MF-99-07, 1999 - papers.ssrn.com
Abstract: We explore the welfare consequences of different taxation schemes in an economy
where agents are debt-constrained. If agents default on their debt, they are banned from
future intertemporal trade, but retain their private (labor) endowments which are subject to ...
D Krueger… - 2002 - cepr.org
This Paper first documents the evolution of the cross-sectional income and consumption
distribution in the US in the past 25 years. Using data from the Consumer Expenditure
Survey we find that a rising income inequality has not been accompanied by a ...
Zusammenfassung: We evaluate the asset pricing implications of a class of models in which
risk sharing is imperfect because of the limited enforcement of intertemporal contracts. Lustig
(2004) has shown that in such a model the asset pricing kernel can be written as a simple ...
K Jeske, D Krueger… - 2011 - cepr.org
This paper evaluates the macroeconomic and distributional effects of government bailout
guarantees for Government Sponsored Enterprises (such as Fannie Mae and Freddy Mac)
in the mortgage market. In order to do so we construct a model with heterogeneous, ...
Abstract: In a standard incomplete markets model with a continuum of households that have
constant relative risk aversion (CRRA) preferences, the absence of insurance markets for
idiosyncratic labor income risk has no effect on the premium for aggregate risk if the ...
D Krueger… - EconomicDynamics Newsletter, 2011 - ideas.repec.org
Dirk Krueger is Professor of Economics, especially Macroeconomics at Goethe University
Frankfurt (Germany). Fabrizio Perri is Associate Professor of Economics at the Stern School
of Business, New York University and currently visiting the Research Department at the ...
D Krueger… - econstor.eu
Zusammenfassung: Using data from the Consumer Expenditure Survey we first document
that the recent increase in income inequality in the US has not been accompanied by a
corresponding rise in consumption inequality. Much of this divergence is due to different ...
JC Conesa, S Kitao… - 2006 - cepr.org
In this paper we quantitatively characterize the optimal capital and labor income tax in an
overlapping generations model with idiosyncratic, uninsurable income shocks, where
households also differ permanently with respect to their ability to generate income. The ...
[CITATION] Field Course in Macroeconomics: Consumption and Saving-Syllabus
D Krueger
D Krueger… - econstor.eu
Zusammenfassung: This paper studies an overlapping generations model with stochastic
production and incomplete markets to assess whether the introduction of an unfunded social
security system leads to a Pareto improvement. When returns to capital and wages are ...
D Krueger… - 2006 - cepr.org
In models with a large number of agents who have constant relative risk aversion (CRRA)
preferences, the absence of insurance markets for idiosyncratic labour income risk has no
effect on the premium for aggregate risk if the distribution of idiosyncratic risk is ...
[CITATION] Should Japan Cut Taxes? Implications from the Neoclassical Growth Model
D Krueger… - 1998
D Krueger… - 2004 - cepr.org
This Paper analyses dynamic equilibrium risk sharing contracts between profit-maximizing
intermediaries and a large pool of ex-ante identical agents that face idiosyncratic income
uncertainty that makes them heterogeneous ex-post. In any given period, after having ...
D Krueger… - 2009 - nber.org
Abstract In this appendix we provide more extensive proofs of results in the main paper. In
particular we explicitly prove results that are direct adap# tations of arguments from Atkeson
and Lucas (1995) and hence omitted in the main paper
[CITATION] Search the journal
ES PRESCOTT, RM TOWNSEND, D KRUEGER… - Policy, 1999
DKM thanked Managing - the American Economic Review, 2008 - aeaweb.org
Siegfried reported a projected operating surplus of $521 thousand for 2008, and a proposed
budget for 2009 that anticipates an operating deficit of $401 thousand. The deficit was
anticipated and can be accommodated by the Association's accumulated net unrestricted ...
D Krueger,
H Lustig… - CFS Working Paper Series, 2006 - ideas.repec.org
We evaluate the asset pricing implications of a class of models in which risk sharing is
imperfect because of the limited enforcement of intertemporal contracts. Lustig (2004) has
shown that in such a model the asset pricing kernel can be written as a simple function of ...
JC Conesa… - 2005 - cepr.org
This paper computes the optimal progressivity of the income tax code in a dynamic general
equilibrium model with household heterogeneity in which uninsurable labour productivity
risk gives rise to a nontrivial income and wealth distribution. A progressive tax system ...
D Krueger… - 2006 - cepr.org
This paper employs a multi-country large scale Overlapping Generations model with
uninsurable labour productivity and mortality risk to quantify the impact of the demographic
transition towards an older population in industrialized countries on world-wide rates of ...
D Krueger… - Computing in Economics and Finance 2001, 2001 - ideas.repec.org
In this paper we develop an algorithm to numerically solve dynamic stochastic overlapping
generations economies. In our model agents live for six periods and face idiosyncratic as
well as aggregate uncertainty with respect to their labor and capital income. Insurance ...
[CITATION] Risk Sharing Contracts with One-Sided Commitment
D Krueger… - 2005
M Doepke… - 2006 - cepr.org
In this paper we investigate the positive and normative consequences of child-labour
restrictions for economic aggregates and welfare. We argue that even though the laissez-
faire equilibrium may be inefficient, there are usually better policies to cure these ...
P Bajari, P Chan, D Krueger… - 2010 - cepr.org
Using data from the Panel Study of Income Dynamics (PSID) we specify, estimate and
simulate a dynamic structural model of housing demand. Our model generalizes previous
applied econometric work by incorporating realistic features of the housing market ...
D Krueger… - 2005 - cepr.org
This paper studies an overlapping generations model with stochastic production and
incomplete markets to assess whether the introduction of an unfunded social security system
leads to a Pareto improvement. When returns to capital and wages are imperfectly ...
D Krueger… - 2005 Meeting Papers, 2005 - ideas.repec.org
There is a FAQ (frequently asked questions). ... No abstract is available for this item. ... To our
knowledge, this item is not available for download. To find whether it is available, there are three
options: 1. Check below under "Related research" whether another version of this item is ...
JC Conesa, S Kitao… - econstor.eu
Zusammenfassung: In this paper we quantitatively characterize the optimal capital and labor
income tax in an overlapping generations model with idiosyncratic, uninsurable income
shocks, where households also differ permanently with respect to their ability to generate ...
In this paper we construct a stochastic overlapping-generations general equilibrium model
in which households are subject to aggregate shocks that a ffect both wages and asset
prices. We use a calibrated version of the model to quantify how the welfare costs of ...
D Krueger… - 2001 - fperri.com
Abstract In this appendix we provide more extensive proofs of results in the main paper. In
particular we explicitly prove results that are direct adaptations of arguments from Atkeson
and Lucas (1995) and hence omitted in the main paper
J Fernández-Villaverde… - 2004 - economics.sas.upenn.edu
Abstract This technical appendix offers detailed information about the data, variable
definitions, estimation, results and robustness analysis that could not be included in the
main part of the paper due to space limitations.
D Krueger… - 2010 - cepr.org
Can public insurance through redistributive income taxation improve the allocation of risk in
an economy in which private risk sharing is limited? The answer depends crucially on the
fundamental friction that limits private risk sharing in the first place. If risk sharing is ...
F Perri… - 2004 Meeting Papers, 2004 - ideas.repec.org
In this paper we demonstrate that different incomplete markets models yield qualitatively
distinct predictions about how consumption growth responds to declines and increases in
earnings. Markets are either exogenously incomplete in that households can only trade a ...
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