| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7653 |
| DP7653 Who Owns Children and Does it Matter? | |
| Michele Tertilt; Alice Schoonbroodt | |
| 发表日期 | 2010-01-24 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | Is there an economic rationale for pronatalist policies? In this paper we propose and analyze a particular market failure that may lead to inefficiently low equilibrium fertility and therefore to a need for government intervention. The friction we investigate is related to the ownership of children. If parents have no claim on their children's income, then the private benefit from producing a child may be smaller than the social benefit. We present an overlapping-generations (OLG) model with fertility choice and altruism, and model ownership by introducing a minimum constraint on transfers from parents to children. Using the efficiency concepts proposed in Golosov, Jones and Tertilt (2007), we find that whenever the transfer floor is binding, fertility choices are inefficient. We show how this inefficiency relates to dynamic inefficiency in standard OLG models with exogenous fertility and Millian efficiency in models with endogenous fertility. In particular, we show that the usual conditions for efficiency are no longer sufficient. Further, we analyze several government policies in this context. We find that, in contrast to settings with exogenous fertility, a PAYG social security system cannot be used to implement the efficient allocation. Rather, government transfers need to be tied to a person's fertility choice in order to provide incentives for child bearing, thus providing a justification for pronatalist policies. |
| 主题 | International Macroeconomics ; Public Economics |
| 关键词 | Efficiency Fertility Overlapping generations Social security |
| URL | https://cepr.org/publications/dp7653 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536490 |
| 推荐引用方式 GB/T 7714 | Michele Tertilt,Alice Schoonbroodt. DP7653 Who Owns Children and Does it Matter?. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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