Behavioral Effects of Social Security Reform in a Dynamic Micro-Simulation with Life-Cycle Agents

Harris, Amy Rehder; Sabelhaus, John; Sanz, Almudena Sevilla

doi:10.2139/ssrn.786424

Cited by 4 publications

(4 citation statements)

References 18 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Our work can be extended by introducing more structural and behavioural elements using a life-cycle framework along several dimensions: consumption-saving choice under uncertainty, portfolio choice, borrowing for housing and durable consumption goods, saving for retirement, and more detailed modeling of income and social benefits (see e.g., Rehder Harris et al (2005) and Smith et al (2010)). A u s t r i a B e l g i u m C y p r u s F i n l a n d F r a n c e G e r m a n y G r e e c e I t a l y L u x e m b o u r g M a l t a N e t h e r l a n d s P o r t u g a l S l o v a k i a S l o v e n i a S p a i n…”

Section: Discussionmentioning

confidence: 99%

Household heterogeneity in the euro area since the onset of the Great Recession

Ampudia

Pavlickova

Slacalek

et al. 2016

Journal of Policy Modeling

View full text Add to dashboard Cite

Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. The HFCN collects household-level data on households' fi nances and consumption in the euro area through a harmonised survey. The HFCN aims at studying in depth the micro-level structural information on euro area households' assets and liabilities. The objectives of the network are: Terms of use: Documents in1) understanding economic behaviour of individual households, developments in aggregate variables and the interactions between the two;2) evaluating the impact of shocks, policies and institutional changes on household portfolios and other variables;3) understanding the implications of heterogeneity for aggregate variables; 4) estimating choices of different households and their reaction to economic shocks; 5) building and calibrating realistic economic models incorporating heterogeneous agents; 6) gaining insights into issues such as monetary policy transmission and fi nancial stability.The refereeing process of this paper has been co-ordinated by a team composed of Gabriel Fagan (ECB), Pirmin Fessler (Oesterreichische Nationalbank), Michalis Haliassos (Goethe University Frankfurt), Tullio Jappelli (University of Naples Federico II), Sébastien PérezDuarte (ECB), Jiri Slacalek (ECB), Federica Teppa (De Nederlandsche Bank), Peter Tufano (Oxford University) and Philip Vermeulen (ECB).The paper is released in order to make the results of HFCN research generally available, in preliminary form, to encourage comments and suggestions prior to fi nal publication. The views expressed in the paper are the author's own and do not necessarily refl ect those of the ESCB. AcknowledgementsThis paper uses data from the Eurosystem Household Finance and Consumption Survey. We thank John Sabelhaus and seminar participants at the ECB and the Eurosystem Household Finance and Consumption Network for useful comments. The views presented in this paper are those of the authors, and do not necessarily refl ect those of the European Central Bank. Miguel AmpudiaEuropean Central Bank; e-mail: miguel.ampudia@ecb.europa.eu Akmaral PavlickovaEuropean Central Bank; e-mail: akmaral.pavlickova@ecb.europa.eu Jiri SlacalekEuropean Central Bank; e-mail: jiri.slacalek@ecb.europa.eu Edgar VogelEuropean Central Bank; e-mail: edgar.vogel@ecb.europa.eu AbstractWe extend household-level data from the Household Finance and Consumption Survey using aggregate series and micro-simulations to investigate heterogeneity in the euro area. We quantify shocks to wealth, income and financial pressure face...

show abstract

Section: Discussionmentioning

confidence: 99%

Household heterogeneity in the euro area since the onset of the Great Recession

Ampudia

Pavlickova

Slacalek

et al. 2016

Journal of Policy Modeling

View full text Add to dashboard Cite

show abstract

“…g., RehderHarris et al (2005) and Smith et al (2010)). Replacement rates for a family with two married earners and two children, earning 100 percent of average wage, 2010 (Cyprus 2007).…”

mentioning

confidence: 96%

Household Heterogeneity in the Euro Area Since the Onset of the Great Recession

et al. 2014

View full text Add to dashboard Cite

Kennickell (Federal Reserve Board) and Peter Tufano (University of Oxford) act as external consultants, and Sébastien Pérez Duarte (ECB) and Jiri Slacalek (ECB) as Secretaries.The HFCN collects household-level data on households' fi nances and consumption in the euro area through a harmonised survey. The HFCN aims at studying in depth the micro-level structural information on euro area households' assets and liabilities. The objectives of the network are: 1) understanding economic behaviour of individual households, developments in aggregate variables and the interactions between the two;2) evaluating the impact of shocks, policies and institutional changes on household portfolios and other variables;3) understanding the implications of heterogeneity for aggregate variables; 4) estimating choices of different households and their reaction to economic shocks; 5) building and calibrating realistic economic models incorporating heterogeneous agents; 6) gaining insights into issues such as monetary policy transmission and fi nancial stability.The refereeing process of this paper has been co-ordinated by a team composed of Gabriel Fagan (ECB), Pirmin Fessler (Oesterreichische Nationalbank), Michalis Haliassos (

show abstract

“…CBOLT (Harris, Sabelhaus, & Sevilla-Sanz, 2005) Relative to 1986, the year that the Hoschka paper was published, there is vastly improved access to micro-data, mainly as administrative data. Many countries have invested in the digital government by which a citizen should deliver information only once.…”

Section: Progressmentioning

confidence: 99%

Increasing the Impact of Dynamic Microsimulation Modelling

O’Donoghue¹,

Dekkers²

2017

IJM

View full text Add to dashboard Cite

This paper considers the degree of progress made by the field of dynamic microsimulation over the past five decades. It highlights the expanding breadth of the field, both in terms of the number of countries and in terms of the broadening policy area. It also outlines concerns in relation to lack of emphasis historically in relation to the transmission of codified and in the sometimes proprietary ownership model. Moving forward, an improved focus on the codification and peer review of methodologies used in the field is suggested. In terms of tacit knowledge transmission, the organisation of more regional meetings of the International Microsimulation Association is encouraged. In terms of future areas for model development, the opportunities are to incorporate behaviour to a greater extent, utilise more data in the big data revolution, to increase the field of microsimulation into new policy areas, and to share code and work in networks. Finally, the role of peer review is highlighted.

show abstract

Behavioral Effects of Social Security Reform in a Dynamic Micro-Simulation with Life-Cycle Agents

Cited by 4 publications

References 18 publications

Household heterogeneity in the euro area since the onset of the Great Recession

Household heterogeneity in the euro area since the onset of the Great Recession

Household Heterogeneity in the Euro Area Since the Onset of the Great Recession

Increasing the Impact of Dynamic Microsimulation Modelling

Contact Info

Product

Resources

About