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1 - 7 van 7 voor instantaneous expected inflation
Tilburg finance tool huisstijl pdf
... instantaneous expected inflation, uncertainty about unexpected inflation and uncertainty about the stock return. any correlation between the real interest rate and inflation is modelled using 1r and 1 . expected inflation ...
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Microsoft Word - discussion52
... cue s s ),( )( i.e. the expected lifetime utility given immediate retirement is higher than the expected lifetime utility given at least one ... that is, er benefits are indexed with respect to both the inflation rate and the development of contractual wages, conditional on the ... retired will not start working again.14 the hazard rate (or instantaneous exit rate) ( )iiti xt , for individual i at age t ...
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fiscal prefunding response demographic uncertainty pdf
... in demographic developments lowers expected future welfare levels. increasing current tax rates and decreasing expected future tax rates ... total consumption consists of both goods and leisure. the instantaneous utility function is such that labour supply depends ... uncertainties such as variability in productivity, interest and inflation rates, and labour participation rates among others. naturally ...
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gamma simulation model ageing pensions and public finances pdf
... bovenberg and knaap (2005)). unlike most of these models, our instantaneous utility specification is such that leisure is independent of ... excess sensitivity (a positive correlation between commodity consumption and expected income changes aside from the influence of the interest ... note, the user costs of capital are not inflation neutral. an inflation increase given constant real rates of return ...
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memo168.pdf
... t budget constraint has to hold for each state of nature. consumers maximize expected utility with a crra instantaneous utility function. that is, at time t they maximize etu(c1t,c2t+1 ... are all random. the economic random variables are inflation (it), productivity growth (g), return on bonds (rb) and return on stocks (re). the inflation rate does not directly enter into the model ...
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worldscan-core-version.pdf
... -1 pt pt pt - 1 pe is the (expected) price. the nominal interest rate thus depends on the expected inflation rate. we assume that the instantaneous utility functions v(c) are logarithmic. using ... consumption is allocated to sectors in accordance with the cobb-douglas specification of the instantaneous utility function. maximisation of utility (by a representative consumer) is constrained by total ...
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why do macro wage elasticities diverge meta analysis pdf
... , production and prices. this research was partly triggered by high inflation rates in de sixties and seventies century (see e.g. nickell ... . the long-run macro elasticity of labour productivity however, may expected to be close to 1. as to tax elasticities, producers ... effect occurs in case of the average income retention ratio the instantaneous impact (0.42) is about 60% higher than the long-run ...
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