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Selection, patience, and the interest rate

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dc.contributor.authorTrew, Alex
dc.contributor.authorStefanski, Radoslaw
dc.date.accessioned2024-03-05T11:30:01Z
dc.date.available2024-03-05T11:30:01Z
dc.date.issued2024-02-08
dc.identifier293498757
dc.identifiercd788d89-758f-4dee-8782-2077bdc77bab
dc.identifier.citationTrew , A & Stefanski , R 2024 , ' Selection, patience, and the interest rate ' , Journal of Political Economy Macroeconomics , vol. Ahead of print . https://doi.org/10.1086/727798en
dc.identifier.issn2832-9341
dc.identifier.urihttps://hdl.handle.net/10023/29429
dc.description.abstractThe interest rate has been falling for centuries. A process of natural selection that leads to increasing societal patience is key to explaining this decline. Three observations support this mechanism: patience varies across individuals, is intergenerationally persistent, and is positively related to fertility. A calibrated dynamic, heterogeneous-agent model of fertility permits us to isolate the quantitative contribution of this mechanism. We find that selection alone is the key to explaining the decline of the interest rate.
dc.format.extent33
dc.format.extent1380494
dc.language.isoeng
dc.relation.ispartofJournal of Political Economy Macroeconomicsen
dc.subjectHB Economic Theoryen
dc.subject.lccHBen
dc.titleSelection, patience, and the interest rateen
dc.typeJournal articleen
dc.contributor.institutionUniversity of St Andrews. Economics (Business School)en
dc.contributor.institutionUniversity of St Andrews. Centre for Energy Ethicsen
dc.identifier.doi10.1086/727798
dc.description.statusPeer revieweden
dc.date.embargoedUntil2024-03-05


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