This paper describes an overlapping-generations model of marriage, fertility, and income distribution.

Between 1800 and 1940, the United States went through a dramatic demographic transition. In 1800, the average woman had seven children, and 94 percent of the population lived in rural areas. By 1940, the average woman birthed just two kids, and only 43 percent of the populace lived in the...

An effort to measure technological progress in structures by using panel data on the age and rents of buildings in a vintage capital model, where buildings are replaced at some chosen periodicity. It finds that there has been significant technological advance in structures, which accounts for a...

If children are society’s most precious resource, as many would argue, how should we invest in them? To gain insight into this question, the authors develop a dynamic, general-equilibrium model in which children differ by ability. Parents invest time and money in their offspring, depending on...