Life Expectancy and Income Convergence in the World: a Dynamic General Equilibrium Analysis
This paper develops a simple procedure for incorporating market-based information into the construction of fan charts. Using the International Monetary Fund (IMF)'s global growth forecast as a working example, the paper goes through the theoretical and practical considerations of this new approach. The resulting spreadsheet, which implements the approach, is available upon request from the authors.
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Case and Imperfect Altruism
ˆλ aggregate altruism parameter Barro-Becker assumption benchmark parameter values budget constraint business cycle calibrated coefﬁcient condition with respect consumption and investments consumption growth rate deﬁned denotes the value discount rate dynastic general equilibrium envelop theorem equilibrium life insurance equilibrium value Euler equation ﬁrst order ﬁrst-order conditions full income GDP per capita growth model growth theory higher human and physical human capital depreciation human-to-physical capital ratio imperfect Income Country Average inequality insurance beneﬁts Lagrange multipliers law of motion linear longevity measure motion of physical newly born optimal human-to-physical-capital ratio optimal ratio order conditions p-value parents partial equilibrium percent perfect altruism period physical and human physical capital Proposition regression representative agent risk aversion Speciﬁcally stochastic death survivors U.S. dollars utility value function wage premium wealth transfer welfare gains World Table 6.1 wtht