Fertility, social mobility and long run inequality

• 成果类型: Article
• 署名作者: Cordoba, Juan Carlos; Liu, Xiying; Ripoll, Marla
• 署名单位: Iowa State University; Wuhan University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2015.10.007
• 发表日期: 2016
• 页码: 103-124
• 关键词: fertility; altruism; INEQUALITY; Intergenerational persistence

摘要

Dynastic altruistic models with endogenous fertility have been shown to be unable to generate enough intergenerational persistence. Using a Bewley model with endogenous fertility we show that it is possible to recover persistence. Key ingredients for our result include exponential child discounting, discrete number of children, diminishing costs of child rearing, and an elasticity of intergenerational substitution larger than one. Our model provides a unified framework of analysis for long-run inequality that incorporates fertility choices. (C) 2015 Elsevier B.V. All rights reserved.