Intergenerational Risksharing and Equilibrium Asset Prices
Intergenerational Risksharing and Equilibrium Asset Prices
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代际风险分担和均衡资产价格
DOI：
10.1016/j.jmoneco.2007.07.002
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发表时间：
2006
期刊：
影响因子：
--
通讯作者：
Yves Nosbusch
中科院分区：
文献类型：
--
作者：
J. Campbell;Yves Nosbusch
在存在世代重叠的情况下，带有或有税收和福利的社会保障制度会影响资产价格和代际风险分担。在一个简单的模型中，有两个风险生产要素年轻人拥有的人力资本和所有老一辈人拥有的物质资本一个最佳分担风险的社会保障体系会让后代承担物质资本的风险。这种制度减少了预防性储蓄，提高了经济的风险承受能力。在合理的条件下，它提高了无风险利率，降低了实物资本的价格和风险溢价。
In the presence of overlapping generations, a social security system, with contingent taxes and benefits, can affect both asset prices and intergenerational risksharing. In a simple model with two risky factors of production—human capital, owned by the young, and physical capital, owned by all older generations—a social security system that optimally shares risks exposes future generations to a share of the risk in physical capital. Such a system reduces precautionary saving and increases the riskbearing capacity of the economy. Under plausible conditions it increases the riskless interest rate, and lowers the price and risk premium of physical capital.