Menu Expand

Konsequenzen des Zins- und Einkommensrisikos auf das wirtschaftliche Wachstum

Cite JOURNAL ARTICLE

Style

Clemens, C., Soretz, S. Konsequenzen des Zins- und Einkommensrisikos auf das wirtschaftliche Wachstum. Journal of Contextual Economics – Schmollers Jahrbuch, 119(4), 593-614. https://doi.org/10.3790/schm.119.4.593
Clemens, Christiane and Soretz, Susanne "Konsequenzen des Zins- und Einkommensrisikos auf das wirtschaftliche Wachstum" Journal of Contextual Economics – Schmollers Jahrbuch 119.4, 1999, 593-614. https://doi.org/10.3790/schm.119.4.593
Clemens, Christiane/Soretz, Susanne (1999): Konsequenzen des Zins- und Einkommensrisikos auf das wirtschaftliche Wachstum, in: Journal of Contextual Economics – Schmollers Jahrbuch, vol. 119, iss. 4, 593-614, [online] https://doi.org/10.3790/schm.119.4.593

Format

Konsequenzen des Zins- und Einkommensrisikos auf das wirtschaftliche Wachstum

Clemens, Christiane | Soretz, Susanne

Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 119 (1999), Iss. 4 : pp. 593–614

Additional Information

Article Details

Clemens, Christiane

Soretz, Susanne

References

  1. Arrow, K. J. (1962), The Economic Implications of Learning by Doing, Review of Economic Studies 29, 155-173.  Google Scholar
  2. Caballero, R. J. (1990), Consumption Puzzles and Precautionary Savings, Journal of Monetary Economics 25, 113-136.  Google Scholar
  3. Carroll, C. D./Samwick, A. A. (1997), The Nature of Precautionary Wealth, Journal of Monetary Economics 40, 41-71.  Google Scholar
  4. Cazzavillan, G. (1996), Public Spending, Endogenous Growth, and Endogenous Fluctuations, Journal of Economic Theory 71, 394-415.  Google Scholar
  5. Clemens, C. (1999), Endogenes Wachstum, Einkommensunsicherheit und Besteuerung, Metropolis, Marburg.  Google Scholar
  6. Clemens, C./ Soretz, S. (1997), Macroeconomic Effects of Income Taxation in a Model of Stochastic Growth, Finanzarchiv, N. F. 54, 471-493.  Google Scholar
  7. Clemens, C./ Soretz, S. (1998), Risk Sharing and Factor Incomes in a Stochastic Growth Model, in: F. Haslinger und O. Stönner-Venkatarama (Hrsg.), Aspects of the Distribution of Income, S. 371-389, Metropolis, Marburg.  Google Scholar
  8. Collard, F. (1999), Spectral and Persistence Properties of Cyclical Growth, Journal of Economic Dynamics and Control 23, 463-488.  Google Scholar
  9. Corsetti, G. (1997), A Portfolio Approach to Endogenous Growth: Equilibrium and Optimal Policy, Journal of Economic Dynamics and Control 21, 1627 - 1644.  Google Scholar
  10. Devereux, M. B./ Smith, G. W. (1994), International Risk Sharing and Economic Growth, International Economic Review 35, 535-550.  Google Scholar
  11. Eaton, J. (1981), Fiscal Policy, Inflation and the Accumulation of Risky Capital, Review of Economic Studies 48, 435 - 445.  Google Scholar
  12. Epstein, L. G./Zin, S. E. (1989), Substitution, Risk Aversion, and the Temporal Behaviour of Consumption and Asset Returns: A Theoretical Framework, Econometrica 57, 937- 969.  Google Scholar
  13. Hubbard, R. G./Skinner, J./ Zeldes, S. P. (1993), The Importance of Precautionary Motives in Explaining Individual and Aggregate Saving, NBER Working Paper Series 4516, National Bureau of Economic Research, Cambridge /Ma.  Google Scholar
  14. Jones, L. E./ Manuelli, R. E. (1990), A Convex Model of Equilibrium Growth: Theory and Political Implications, Journal of Political Economy 98, 1008-1038.  Google Scholar
  15. Jones, L. E./ Manuelli, R. E./ Stacchetti, E. (1999), Technology (and Policy) Shocks in Models of Endogenous Growth, NBER Working Paper Series 7063, National Bureau of Economic Research, Cambridge /Ma.  Google Scholar
  16. Kydland, F. E./ Prescott, E. C. (1982), Time to Build and Aggregate Fluctuations, Econometrica 50, 1345-1370.  Google Scholar
  17. Leland, H. E. (1968), Saving and Uncertainty: The Precautionary Demand for Saving, The Quarterly Journal of Economics 82, 465 -473.  Google Scholar
  18. Long, J. B./ Plosser, C. I. (1983), Real Business Cycles, Journal of Political Economy 91, 39-69.  Google Scholar
  19. Lucas, R. E. (1988), On the Mechanics of Economic Development, Journal of Monetary Economics 22, 3-42.  Google Scholar
  20. Mehra, R./ Prescott, E. C. (1985), The Equity Premium. A Puzzle, Journal of Monetary Economics 15, 145-161.  Google Scholar
  21. Merton, R. C. (1969), Lifetime Portfolio Selection under Uncertainty: The Continuous Time Case, The Review of Economics and Statistics 51, 247-257.  Google Scholar
  22. Neusser, K. (1991), Testing the Long-Run Implications of the Neoclassical Growth Model, Journal of Monetary Economics 27, 3-37.  Google Scholar
  23. Obstfeld, M. (1994a), Evaluating Risky Consumption Paths: The Role of Intertemporal Substitutability, European Economic Review 38, 1471-1486.  Google Scholar
  24. Obstfeld, M. (1994b), Risk-Taking, Global Diversification, and Growth, The American Economic Review 84, 1310-1329.  Google Scholar
  25. Prescott, E. C. (1986), Theory ahead of Business-Cycle Measurement, Carnegie Rochester Conference Series on Public Policy 25, 11-44.  Google Scholar
  26. Reimers, H.E. (1991), Analyse kointegrierter Variablen mittels vektorautoregressiver Modelle, Physica-Verlag, Heidelberg.  Google Scholar
  27. Romer, P.M. (1986), Increasing Returns and Long-Run Growth, Journal of Political Economy 94, 1002-1037.  Google Scholar
  28. Samuelson, P. A. (1969), Lifetime Portfolio Selection by Dynamic Stochastic Programming, The Review of Economics and Statistics 51, 239-246.  Google Scholar
  29. Sandmo, A. (1970), The Effect of Uncertainty on Savings Decisions, Review of Economic Studies 37, 353-360.  Google Scholar
  30. Skinner, J. (1988), Risky Income, Life Cycle Consumption and Precautionary Savings, Journal of Monetary Economics 22, 237-255.  Google Scholar
  31. Smith, T. R. (1996a), Cyclical Uncertainty, Precautionary Saving and Economic Growth, Economica 63, 477-494.  Google Scholar
  32. Smith, W. T. (1996b), Taxes, Uncertainty, and Long-term Growth, European Economic Review 40, 1647-1664.  Google Scholar
  33. Soretz, S. (2000), Steuerpolitik und wirtschaftliches Wachstum, Metropolis, Marburg.  Google Scholar
  34. Turnovsky, S. J. (1993), Macroeconomic Policies, Growth, and Welfare in a Stochastic Economy, International Economic Review 34, 953-981.  Google Scholar
  35. Turnovsky, S. J. (1999), On the Role of Government in a Stochastically Growing Economy, Journal of Economic Dynamics and Control 23, 873-908.  Google Scholar
  36. van Wincoop, E. (1994), Welfare Gains from International Risksharing, Journal of Monetary Economics 34, 175-200.  Google Scholar
  37. van Wincoop, E. (1999), How Big are the Potential Welfare Gains from International Risksharing?, Journal of International Economics 47, 109-135.  Google Scholar
  38. Zeldes, S. P. (1989), Optimal Consumption with Stochastic Income: Deviations from Certainty Equivalence, The Quarterly Journal of Economics 104, 275-298.  Google Scholar

Abstract

This paper analyzes the effects of aggregate productivity shocks on intertemporal decisionmaking of risk averse agents. We focus especially on the consequences for long-run growth. We demonstrate that not only the degree of risk aversion but also the source of income is crucial for the impact of the stochastic disturbances. In the presence of a pure capital risk, growth effects are different from those arising when agents are subject to capital and income risk.