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

Marla Ripoll ()

No 6397, 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 version ofthe model lends strong support to the notion that the EGS is significantly larger than one. Incontrast, estimates of the EIS suggests that it is at most one. What disciplines the identificationis the need to match empirically plausible fertility rates for the US.

New Economics Papers: this item is included in nep-dge
Date: 2018-01
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Related works:
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
Working Paper: The Elasticity of Intergenerational Substitution, Parental Altruism, and Fertility Choice (2014) Downloads
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