Tables
Table 1: Parameter Calibration for the Benchmark Model
|
Parameter |
Value United ________States________ |
Value Germany | |
|
relative risk aversion |
γ |
2 (1, 3) |
2 (1, 3) |
|
subjective discount factor |
δ |
0.97 (0.95, 0.99) |
0.97 (0.95, 0.99) |
|
United States Life Tables 2003 |
Life Table for | ||
|
survival probability |
pt |
Germany | |
|
marginal tax rate |
Rt |
0% |
0% |
|
expected return |
E(Rt) |
1.1151 |
1.1264 |
|
standard deviation of return |
Std(Rt) |
0.1996 |
0.2792 |
|
risk-free return |
Rf |
1.0361 |
1.0472 |
|
Inflation |
π |
0.0310 |
0.0279 |
|
Log-normal labor income |
Lt | ||
|
expected growth rates during |
life-cycle-income |
life-cycle-income | |
|
work life |
profile |
profile | |
|
expected real growth rates during |
0 |
0 | |
|
replacement factor |
35% |
40% | |
|
standard deviation during |
0.19 ∙ E(Lt) |
0.05 ∙ E(Lt) | |
|
standard deviation during retirement_____________________ |
0 |
0 | |
42
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