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This paper provides a unified theory of the economic and demographic transition. The main mechanism is based on optimal decisions about fertility and time investments in heterogeneous types of human capital. These decisions depend on different dimensions of health, which themselves are...
Persistent link: https://www.econbiz.de/10005069258
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Recent growth papers have utilized the Ben-Porath 1967 mechanism according to which prolonging the period in which individuals may receive returns on their investment spurs investment in human capital and cause growth. Implicitly, one implication of these models is that total labor input over...
Persistent link: https://www.econbiz.de/10005069273
Over the last fifty years, home production output may have changed significantly due to dramatic increases in women's time allocation to market work. It is important to quantify this change: to the extent that increases in GDP derive from new time allocation patterns, failure to measure...
Persistent link: https://www.econbiz.de/10005069298
Approximately four out of ten American children experience the divorce of their parents. This raises concern because studies in sociology, developmental psychology, and economics show that offspring of divorced parents fare worse than offspring of married parents. The belief that a two-parent...
Persistent link: https://www.econbiz.de/10005069343
views explain this trend through the effects of reduced fertility and/or increased women's wages. The paper suggests that …
Persistent link: https://www.econbiz.de/10005090752
Persistent link: https://www.econbiz.de/10005090850
Persistent link: https://www.econbiz.de/10005051368
In a stochastic economy with overlapping generations, fiscal policy affects the allocation of aggregate risks. The paper shows how to compute the welfare effects of marginal policy changes that shift risk across cohorts, in general and for an application to social security equity investments. I...
Persistent link: https://www.econbiz.de/10005090718
cycle fluctuations in employment and unemployment. They argue that it is likely that wages are not adjusted as regularly as … wages, but wages of newly hired workers. Preliminary results show that wages for those workers are much more volatile than … aggregate wages, suggesting that other (real) frictions might be more important than wage stickiness …
Persistent link: https://www.econbiz.de/10005069278