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The Effect of Uncertain Labor Income and Social Security on Life‐Cycle Portfolios

Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla

in Reorienting Retirement Risk Management

Published in print:
2010
Published Online:
September 2010
ISBN:
9780199592609
eISBN:
9780191594618
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199592609.003.0006
Subject:
Business and Management, Pensions and Pension Management

This paper examines how labor income volatility and social security benefits influence life‐cycle household portfolios. Specifically, it examines the quantity and location of household saving, taking ... More


The Right to Exploit: Parasitism, Scarcity, and Basic Income

Gijs Van Donselaar

Published in print:
2009
Published Online:
September 2009
ISBN:
9780195140392
eISBN:
9780199871483
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195140392.001.0001
Subject:
Philosophy, Moral Philosophy

In 1895, an English farmer diverted the course of a stream that was flowing through his land, thereby cutting off the supply to the water reservoir of the neighboring community. The courts ... More


Human Wealth and Financial Wealth

John Y. Campbell and Luis M. Viceira

in Strategic Asset Allocation: Portfolio Choice for Long-Term Investors

Published in print:
2002
Published Online:
November 2003
ISBN:
9780198296942
eISBN:
9780191596049
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198296940.003.0006
Subject:
Economics and Finance, Financial Economics

This chapter explores financial asset allocation strategies when human wealth, the expected present discounted value of future labour earnings, is not tradable. Investors should adjust explicit asset ... More


Factor Shares and Resource Booms: Accounting for the Evolution of Venezuelan Inequality

Francisco RodrÍguez

in Inequality Growth and Poverty in an Era of Liberalization and Globalization

Published in print:
2004
Published Online:
August 2004
ISBN:
9780199271412
eISBN:
9780191601255
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199271410.003.0013
Subject:
Economics and Finance, Development, Growth, and Environmental

This is the second of five country case studies on income inequality, and shows that income inequality in Venezuela has significantly worsened during the past 27 years; in particular, the worsening ... More


National Income and Labor Income Markets

Robert J. Shiller

in Macro Markets: Creating Institutions for Managing Society's Largest Economic Risks

Published in print:
1998
Published Online:
November 2003
ISBN:
9780198294184
eISBN:
9780191596926
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198294182.003.0004
Subject:
Economics and Finance, Macro- and Monetary Economics, Financial Economics

For the purpose of hedging risks to standards of living, the logical place to look first would be to markets for claims on total income; but such markets do not exist, and they have apparently never ... More


Investing Over the Life Cycle

John Y. Campbell and Luis M. Viceira

in Strategic Asset Allocation: Portfolio Choice for Long-Term Investors

Published in print:
2002
Published Online:
November 2003
ISBN:
9780198296942
eISBN:
9780191596049
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198296940.003.0007
Subject:
Economics and Finance, Financial Economics

This chapter uses a life‐cycle model calibrated to microeconomic US data to examine financial asset allocation strategies of working households saving for retirement. For typical US households with ... More


Taxation and the Time Consistency Problem

Raymond G. Batina and Toshihiro Ihori

in Consumption Tax Policy and the Taxation of Capital Income

Published in print:
2000
Published Online:
October 2011
ISBN:
9780198297901
eISBN:
9780191685361
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198297901.003.0006
Subject:
Economics and Finance, Financial Economics

This chapter studies the time consistency problem as it affects tax policy. One example of the time consistency problem is the capital levy. Current governments cannot force future governments to ... More


Taxing Uncertain Incomes

James A. Mirrlees

in Welfare, Incentives, and Taxation

Published in print:
2006
Published Online:
October 2011
ISBN:
9780198295211
eISBN:
9780191685095
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198295211.003.0014
Subject:
Economics and Finance, Public and Welfare, Development, Growth, and Environmental

This chapter discusses the issue of guessing whether the uncertainty of labour income results should be a reason for higher or lower marginal tax rates. In 1980, Varian was able to examine the ... More


Reducing Poverty and Inequality in India: Has Liberalization Helped?

Raghbendra Jha

in Inequality Growth and Poverty in an Era of Liberalization and Globalization

Published in print:
2004
Published Online:
August 2004
ISBN:
9780199271412
eISBN:
9780191601255
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199271410.003.0012
Subject:
Economics and Finance, Development, Growth, and Environmental

This is the first of five country case studies on income inequality, and looks at the case of India. Discusses the differences between the approach taken to liberalization in India (the Delhi ... More


The Role of International Investment in a Privatized Social Security System

Marianne Baxter and Robert G. King

in Risk Aspects of Investment-Based Social Security Reform

Published in print:
2000
Published Online:
February 2013
ISBN:
9780226092553
eISBN:
9780226092560
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226092560.003.0011
Subject:
Economics and Finance, Economic Systems

Many proposals to reform the current social security system would permit the investment of retirement funds in risky assets such as equities. This chapter asks whether there is an important role for ... More


Life Cycle Impacts of the Financial Crisis on Optimal Consumption—Portfolio Choices and Labor Supply

Jingjing Chai, Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla

in Reshaping Retirement Security: Lessons from the Global Financial Crisis

Published in print:
2012
Published Online:
January 2013
ISBN:
9780199660698
eISBN:
9780191745058
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199660698.003.0007
Subject:
Business and Management, Pensions and Pension Management

The direct financial impact of the financial crisis has been to deal a heavy blow to investment-based pensions; many workers lost a substantial portion of their retirement saving. The financial ... More


Globalization, Labor Income, and Poverty in Mexico

Gordon H. Hanson

in Globalization and Poverty

Published in print:
2007
Published Online:
February 2013
ISBN:
9780226317946
eISBN:
9780226318004
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226318004.003.0011
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter investigates the different outcomes for individuals born in Mexican states with high exposure to globalization versus individuals born in states with low exposure to globalization ... More


Investing over the Life Cycle

Andrew Ang

in Asset Management: A Systematic Approach to Factor Investing

Published in print:
2014
Published Online:
August 2014
ISBN:
9780199959327
eISBN:
9780199382323
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199959327.003.0005
Subject:
Economics and Finance, Financial Economics

Labor income is an asset, and for young investors the value of labor income usually dominates the rest of their financial holdings. An investor’s mix of assets changes as her labor income evolves ... More


Investing Retirement Wealth: A Life-Cycle Model

John Y. Campbell, Joaõ F. Cocco, Francisco J. Gomes, and Pascal J. Maenhout

in Risk Aspects of Investment-Based Social Security Reform

Published in print:
2000
Published Online:
February 2013
ISBN:
9780226092553
eISBN:
9780226092560
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226092560.003.0012
Subject:
Economics and Finance, Economic Systems

During the past few decades, U.S. households have begun to display increasing financial sophistication and awareness of rates of return on alternative investments. At the same time, the implicit rate ... More


Minimum Wage Effects on the Distribution of Wages and Earnings

David Neumark and William L. Wascher

in Minimum Wages

Published in print:
2008
Published Online:
September 2013
ISBN:
9780262141024
eISBN:
9780262280563
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262141024.003.0004
Subject:
Economics and Finance, Econometrics

This chapter examines how minimum wage changes affect wages and earnings, first describing how minimum wages affect the wage distribution. The effect of the minimum wage on the distribution of ... More


Mexico: Labour Markets and Fiscal Redistribution 1989–2014

Raymundo M. Campos-Vazquez, Nora Lustig, and John Scott

in Inequality in the Developing World

Published in print:
2021
Published Online:
April 2021
ISBN:
9780198863960
eISBN:
9780191896248
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198863960.003.0008
Subject:
Economics and Finance, Development, Growth, and Environmental, Public and Welfare

This chapter focuses on income inequality in Mexico, which increased between 1989 and 1994. Between 1994 and 2006, inequality declined; between 2006–14, inequality was again on the rise. The authors ... More


Estimating Labor Supply Responses Using Tax Reforms

Richard Blundell, Alan Duncan, and Costas Meghir

in Labor Supply and Taxation

Published in print:
2016
Published Online:
June 2016
ISBN:
9780198749806
eISBN:
9780191814082
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198749806.003.0007
Subject:
Economics and Finance, Financial Economics

This chapter investigates the responsiveness of labour supply to exogenous changes in wage rates and non-labour income. Because these can either cause a raised or reduced marginal tax rate, the tax ... More


The Contract of Employment, Corporate Law, and Labour Income

Wanjiru Njoya

in The Contract of Employment

Published in print:
2016
Published Online:
August 2016
ISBN:
9780198783169
eISBN:
9780191826191
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198783169.003.0012
Subject:
Law, Employment Law, Company and Commercial Law

This chapter examines the role played by the contract of employment in wage distribution and income inequality, distinguishing between the ordinary entitlement to ‘labour income’ and the ... More


Household Saving in Germany: Results of the First SAVE Study

Axel Börsch-Supan and Lothar Essig (eds)

in Analyses in the Economics of Aging

Published in print:
2005
Published Online:
February 2013
ISBN:
9780226902869
eISBN:
9780226903217
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226903217.003.0011
Subject:
Economics and Finance, Econometrics

This chapter examines the saving behavior of households in Germany. The findings reveal extraordinarily stable and sound levels of saving. Germans save regularly, in a manner that is planned, and ... More


Sources of Income for the Plutocrats

Francis Teal

in The Poor and the Plutocrats: From the poorest of the poor to the richest of the rich

Published in print:
2021
Published Online:
March 2021
ISBN:
9780198870142
eISBN:
9780191912979
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198870142.003.0010
Subject:
Economics and Finance, Public and Welfare

In this chapter we take the final step on the journey we have traversed in the book from the poorest of the poor to reach the richest of the rich—the plutocrats of the book’s title. We review the ... More


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