risk for wealth deterioration may allow for interventions that can slow or reverse the widening wealth gap and ultimately …

way adults can secure the consumption of these goods in old age is by saving. The more recent contributions recognize … their children. According to another, such negotiations are made unnecessary by self-enforcing family rules. Fertility … working-age people to man the physical capital and materially take care of the elderly. The link between fertility- and aging …

fertility and transfers dampen intergenerational mobility. To evaluate the quantitative importance of this mechanism, we extend … the standard heterogeneous agent life cycle model with earnings risk and credit constraints to allow for endogenous … fertility, family transfers, and education. The model, estimated to the US in the 2000s, implies that a counterfactual flat …

How much of income inequality is due to initial opportunities relative to adult income risk? What factors determine … intergenerational mobility? We study these questions with particular interest in the impact of two family choices: fertility and … transfers. Fertility rates, which are higher for low-income than high-income families, are associated with differences in the …