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Intergenerational Earnings Mobility, Inequality, and Growth

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Author Info
Ann L. Owen
David N. Weil

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Abstract

We examine a model in which per capita income, inequality, intergenerational mobility, and returns to education are all determined endogenously. Individuals earn wages depending on their ability, which is a random variable. They purchase an education with transfers received from their parents, and are subject to liquidity constraints. In the model, multiple steady state equilibria are possible: countries with identical tastes and technologies can reach differing rates of mobility, inequality, and per capita income. Equilibria with higher levels of output also have lower inequality, higher mobility, and more efficient distribution of education.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 6070.

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Date of creation: Jun 1997
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Publication status: published as Journal of Monetary Economics, 1998.
Handle: RePEc:nbr:nberwo:6070

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Find related papers by JEL classification:
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
J62 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - Job, Occupational and Intergenerational Mobility; Promotion

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  1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-37, October. [Downloadable!] (restricted)
  2. Robert J. Barro & N. Gregory Mankiw & Xavier Sala-i-Martin, 1995. "Capital Mobility in Neoclassical Models of Growth," NBER Working Papers 4206, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Durlauf, Steven N., 1994. "Spillovers, stratification, and inequality," European Economic Review, Elsevier, vol. 38(3-4), pages 836-845, April. [Downloadable!] (restricted)
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  4. Galor, Oded & Zeira, Joseph, 1993. "Income Distribution and Macroeconomics," Review of Economic Studies, Blackwell Publishing, vol. 60(1), pages 35-52, January. [Downloadable!] (restricted)
  5. Galor, Oded & Tsiddon, Daniel, 1997. " The Distribution of Human Capital and Economic Growth," Journal of Economic Growth, Springer, vol. 2(1), pages 93-124, March. [Downloadable!] (restricted)
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  6. Becker, Gary S & Tomes, Nigel, 1986. "Human Capital and the Rise and Fall of Families," Journal of Labor Economics, University of Chicago Press, vol. 4(3), pages S1-39, July. [Downloadable!] (restricted)
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  7. Benabou, R., 1992. "Heterogeneity, Stratification, and Growth," Working papers 93-4, Massachusetts Institute of Technology (MIT), Department of Economics.
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  8. Hopenhayn, Hugo A & Prescott, Edward C, 1992. "Stochastic Monotonicity and Stationary Distributions for Dynamic Economies," Econometrica, Econometric Society, vol. 60(6), pages 1387-406, November. [Downloadable!] (restricted)
  9. Borjas, George J, 1992. "Ethnic Capital and Intergenerational Mobility," The Quarterly Journal of Economics, MIT Press, vol. 107(1), pages 123-50, February. [Downloadable!] (restricted)
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  10. Loury, Glenn C, 1981. "Intergenerational Transfers and the Distribution of Earnings," Econometrica, Econometric Society, vol. 49(4), pages 843-67, June. [Downloadable!] (restricted)
  11. Psacharopoulos, George, 1993. "Returns to investment in education : a global update," Policy Research Working Paper Series 1067, The World Bank. [Downloadable!]
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  12. Robert E. Lucas, Jr., 1989. "On the Mechanics of Economic Development," NBER Reprints 1176, National Bureau of Economic Research, Inc.
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  13. Tamura, R., 1991. "From Decay to Growth : A Dynamic Equilibrium Model of Income Distribution," Working Papers 91-18, University of Iowa, Department of Economics.
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Fernández, Raquel & Guner, Nezih & Knowles, John, 2001. "Love and Money: A Theoretical and Empirical Analysis of Household Sorting and Inequality," CEPR Discussion Papers 3040, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  2. Murat F. Iyigun & Ann L. Owen, 1997. "Risk, entrepreneurship and human capital accumulation," Finance and Economics Discussion Series 1997-37, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
    Other versions:
  3. Hassler, John & Rodríguez Mora, José Vicente & Zeira, Joseph, 2000. "Inequality and Mobility," CEPR Discussion Papers 2497, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  4. Emilio Colombo & Akos Valentinyi, 2002. "Occupational Choice, Financial Market Imperfections and Development," Working Papers 49, University of Milano-Bicocca, Department of Economics, revised Jan 2002. [Downloadable!]
  5. Kazutoshi Miyazawa, 2005. "Growth and Inequality: A Demographic Explanation," STICERD - Distributional Analysis Research Programme Papers 75, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE. [Downloadable!]
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  6. James B. Davies & Jie Zhang & Jinli Zeng, 2003. "Intergenerational Mobility under Private vs. Public Education," University of Western Ontario, RBC Financial Group Economic Policy Research Institute Working Papers 20034, University of Western Ontario, RBC Financial Group Economic Policy Research Institute. [Downloadable!]
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  7. Diego Restuccia & Carlos Urrutia, 2004. "Intergenerational Persistence of Earnings: The Role of Early and College Education," American Economic Review, American Economic Association, vol. 94(5), pages 1354-1378, December. [Downloadable!]
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  8. Alexander Haupt, 2005. "The Evolution of Public Spending on Higher Education in a Democracy," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]
  9. Nathan Sussman, 2006. "Income Inequality in Paris in the Heyday of the Commercial Revolution," DEGIT Conference Papers c011_043, DEGIT, Dynamics, Economic Growth, and International Trade. [Downloadable!]
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