Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments July 31, 2017 erstellt
Beschreibung:
We propose a dynamic stochastic model of the intergenerational transmission of capital that accounts for fertility differentials. The evolution of the distribution of capital depends on a parent-to-child capital transmission technology, which captures how capital is diluted across siblings, and on a fertility-capital relationship, which can be rationalised as the outcome of a decision problem in which parents have aspirational preferences over the outcomes of their children. We derive a simple and explicit mapping from fertility and technology to the long run distribution of capital and use our result to characterise the effects of policy interventions on long run inequality