| dc.contributor.author | Erlandzon, Karl | swe |
| dc.contributor.author | Carlsson, Evert | swe |
| dc.date.accessioned | 2006-10-30 | swe |
| dc.date.accessioned | 2007-02-09T11:14:24Z | |
| dc.date.available | 2007-02-09T11:14:24Z | |
| dc.date.issued | 2006 | swe |
| dc.identifier.issn | 1403-2465 | swe |
| dc.identifier.uri | http://hdl.handle.net/2077/2683 | |
| dc.description.abstract | This paper investigates the diversification demand of an agent, who is faced with the alternative to swap aggregate labour-income risk for equity-exposure, through her individual account in a mandatory-pension scheme. The framework for the analysis is a life-cycle model of a borrowing-constrained individual´s consumption- and
portfolio-choice in the presence of uncertain labour-income and realistically calibrated tax- and pension systems. Pension benefits stem from both defined benefit and notionally defined contributions part, the latter being indexed to stochastic aggregate labour-income. We show that agents, depending on age and swap premium, agents will be either buyers or sellers of such a swap, and that inter-generational risk sharing can therefore be achieved. | swe |
| dc.format.extent | 23 pages | swe |
| dc.format.extent | 207666 bytes | |
| dc.format.mimetype | application/pdf | |
| dc.language.iso | en | swe |
| dc.relation.ispartofseries | Working Papers in Economics, nr 233 | swe |
| dc.subject | Life-cycle; portfolio choice; pensions; Shiller-swap | swe |
| dc.title | The Bright Side of Shiller-Swaps: a solution to inter-generational risk sharing | swe |
| dc.type.svep | Report | swe |
| dc.contributor.department | Department of Economics | swe |
| dc.gup.origin | Göteborg University. School of Business, Economics and Law | swe |
| dc.gup.epcid | 5098 | swe |
| dc.subject.svep | Economics | swe |
