Journal ArticleDOI
The mathematical theory of saving
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Journal ArticleDOI
The Ramsey Model with Logitic Population Growth
TL;DR: In this paper, the authors analyzed how the Ramsey growth model is affected by logistic growth of population, comparing it with the classic Ramsey model and showed that there is a unique nontrivial steady state of the model and that the parameters of the logistic equation play no role in determining long run equilibrium per worker level of consumption and capital.
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Designing Inflation Targets
TL;DR: In this paper, the authors discuss operational issues regarding the design of monetary frameworks in general and inflation targets in particular, including at what level to set an inflation target, and how to design monetary frameworks.
Journal ArticleDOI
Spending Retirement on Planet Vulcan: The Impact of Longevity Risk Aversion on Optimal Withdrawal Rates (corrected July 2011)
Moshe A. Milevsky,Huaxiong Huang +1 more
TL;DR: The authors argue that wealth managers should advocate dynamic spending in proportion to survival probabilities, adjusted up for exogenous pension income and down for longevity risk aversion, and propose a new utility maximization model.
Journal ArticleDOI
Transient Temperature Response Modeling in IAMs: The Effects of Over Simplification on the SCC
TL;DR: All three prominent IAMs fail to fully capture important characteristics in the dynamics of temperature response, especially for high equilibrium climate sensitivities, which has serious implications given these models are often run with distributions for the equilibrium climate sensitivity.
Journal ArticleDOI
Is it really good to annuitize
TL;DR: In this article, the authors demonstrate that the welfare effect of annuitization is ambiguous in general equilibrium on account of pecuniary externalities, and that rational consumers without bequest motives are better off investing exclusively with annuitized instruments in partial equilibrium.