Revolving credit lines and targeted search
In: Journal of economic dynamics & control, Band 118, S. 103964
ISSN: 0165-1889
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In: Journal of economic dynamics & control, Band 118, S. 103964
ISSN: 0165-1889
In: McMaster University - Department of Economics Working Paper No. 2018-05
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In: NBER Working Paper No. w26604
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In: McMaster University Economics, 2020-05
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In: IZA Discussion Paper No. 12836
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In: NBER Working Paper No. w26000
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In: McMaster University, Department of Economics Working Paper Series 2019-12
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We develop an overlapping generations general equilibrium model of the U.S. economy with heterogeneous consumers who face idiosyncratic earnings and health risk to study the implications of increasing college attainment, decreasing fertility, and increasing longevity (2005–2100). While all three trends contribute to a higher old age dependency ratio, increasing college attainment has different implications because it increases labor productivity. Decreasing fertility and increasing longevity require the government to increase the average labor tax rate from 33.5 to 47.1 percent. Increasing college attainment lowers the required tax increase by 12.0 percentage points. The labor tax rate required to balance the government budget is higher under general equilibrium than in a small open economy with a constant interest rate, because the reduction in the interest rate lowers capital income tax revenues.
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