ヤマダ トモアキ   Yamada Tomoaki
  山田 知明
   所属   明治大学  商学部
   職種   専任教授
言語種別 英語
発行・発表の年月 2010/02
形態種別 学術雑誌
査読 査読有り
標題 On the Intergenerational Sharing of Cohort-Specific Shocks on Permanent Income
執筆形態 共著(筆頭者以外)
掲載誌名 Macroeconomic Dynamics
巻・号・頁 14(1),pp.93-118
著者・共著者 Kenji Miyazaki, Makoto Saito
概要 This paper investigates the intergenerational sharing of shocks on the permanent income of new entry cohorts when prior-to-entry markets are missing. When Lucas trees are traded among generations, procyclical cohort-specific shocks are shared partially via the movement of asset prices; cohorts with lower endowments may benefit more from asset pricing dynamics than cohorts with higher endowments. Given a reasonable set of parameters concerning the Japanese labor market, the evaluated welfare loss ranges from 1% to 3% in terms of the certainty equivalence consumption level. The first-best outcome may be achieved by either a combination of subsidies and taxes or the introduction of prior-to-entry markets.
DOI 10.1017/S1365100509090014