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The Elasticity of Intergenerational Substitution, Parental Altruism, and Fertility Choice

Marla Ripoll ()

No 5658, Working Paper from Department of Economics, University of Pittsburgh

Abstract: Dynastic models common in macroeconomics use a single parameter to control the willingnessof individuals to substitute consumption both intertemporally, or across periods, and intergen-erationally, or across parents and their children. This paper defines the concept of elasticity ofintergenerational substitution (EGS), and extends a standard dynastic model in order to disen-tangle the EGS from the EIS, or elasticity of intertemporal substitution. A calibrated versionof the model lends strong support to the notion that the EGS is significantly large than one,and probably around 2.5. In contrast, estimates of the EIS suggests that it is lower than one.What disciplines the identification is the need to match empirically plausible fertility rates forthe U.S.

Date: 2014-01
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Related works:
Working Paper: The Elasticity of Intergenerational Substitution, Parental Altruism, and Fertility Choice (2018) Downloads
Working Paper: The Elasticity of Intergenerational Substitution, Parental Altruism, and Fertility Choice (2017) Downloads
Working Paper: The Elasticity of Intergenerational Substitution, Parental Altruism, and Fertility Choice (2014) Downloads
Working Paper: The Elasticity of Intergenerational Substitution, Parental Altruism, and Fertility Choice (2014) Downloads
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