Now showing items 1-5 of 5
Endogenous Grids in Higher Dimensions: Delaunay Interpolation and Hybrid Methods
This paper investigates extensions of the method of endogenous gridpoints (ENDGM) introduced by Carroll (2006) to higher dimensions with more than one continuous endogenous state variable. We compare three different ...
Secular Stagnation? Growth, Asset Returns and Welfare in the Next Decades: First Results
Ongoing demographic change will lead to a relative scarcity of raw labor to the effect that output growth will be decreasing in the next decades, a secular stagnation. As physical capital will be relatively abundant, this ...
Putting the Pension Back in 401(k) Plans: Optimal versus Default Longevity Income Annuities
Most defined contribution pension plans pay benefits as lump sums, yet the US Treasury has recently encouraged firms to protect retirees from outliving their assets by converting a portion of their plan balances into ...
Mortgage Supply and the US Housing Boom: The Role of the Community Reinvestment Act
This paper studies the role of the Community Reinvestment Act (CRA) in the US housing boom-bust cycle. I find that the enhancement in CRA enforcement in 1998 increased the growth rate of mortgage lending by CRA-regulated ...
Older People’s Willingness to Delay Social Security Claiming
We designed and fielded an experimental module in the 2014 HRS which seeks to measure older persons’ willingness to voluntarily defer claiming of Social Security benefits. In addition we evaluate the stated willingness of ...