A Contribution to the Economic Theory of Fertility
Marla Ripoll () and
Juan Cordoba ()
No 1207, 2011 Meeting Papers from Society for Economic Dynamics
We show that a non-separable formulation of preferences that allow for a low EIS but a high Elasticity of Intergenerational Substitution (EGS) can simultaneously account for the evidence of declining demand for children and increasing demand for longevity as income increases. The model with a single elasticity cannot account for both. Our results suggests a major role for a new parameter in macro, the EGS. While the EIS mostly influence short term economic decisions, the EGS influence mostly long term economic decisions.
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Working Paper: A Contribution to the Economic Theory of Fertility (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed011:1207
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