Aggregate and Intergenerational Implications of School Closures: A Quantitative Assessment

• 成果类型: Article
• 署名作者: Jang, Youngsoo; Yum, Minchul
• 署名单位: University of Queensland; University of Southampton; Centre for Economic Policy Research - UK
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20200442
• 发表日期: 2024
• 页码: 90-130
• 关键词: public-education; earnings; persistence; taxation; IMPACT; POLICY; rise; tax

摘要

This paper quantitatively investigates the medium- and long-term macroeconomic and distributional consequences of school closures through intergenerational channels. The model economy is a dynas-tic overlapping-generations general equilibrium model in which schools, in the form of public education investments, complement parental investments in producing children's human capital. We find that unexpected school closure shocks have long-lasting adverse effects on macroeconomic aggregates and reduce intergenerational mobility, especially among older children. Higher substitutability between public and private investments induces smaller damages in the aggregate economy and the affected children's lifetime income while exacerbating negative impacts on intergenerational mobility and inequality. (JEL D31, E24, I26, I28, J22, J62)