The Intergenerational Effects of Recessions

Diana Alessandrini and Bharat Diwakar

Review of Income and Wealth, 2023, vol. 69, issue 4, 1060-1087

Abstract: Several studies analyze the contemporaneous effects of recessions on individuals and their children. This paper shows that recessions also affect future offspring, not born yet. By linking fathers and offspring from the Panel Study of Income Dynamics, we find that a percentage‐point increase in the national unemployment rate experienced by men between ages 16 and 20 reduces their future offspring's annual wages by 4 percent, occupational prestige by 3 percent, and education by 0.2 years. We then investigate the mechanisms explaining our findings.

Date: 2023
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