Inter-generational effect of parental time and its policy implications |
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Authors: | Guozhong Zhu Gulfer Vural |
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Institution: | 1. School of Economics, La Trobe University, 3086 Victoria, Australia;2. Center for Health Economics, Monash University, 3800 Victoria, Australia;3. Department of Economics, University of Melbourne, 3010 Victoria, Australia |
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Abstract: | Motivated by the empirical fact that parents with more human capital spend more time teaching and taking care of their children, we develop and estimate a theoretical model in which altruistic parents pass their human capital on in two ways: goods investment and time investment. Based on the estimated model, we quantitatively assess how the two types of investment affect wage inequality and inter-generational mobility. Using the model to study the impacts of a public policy that taxes income to finance public schooling, we find significantly different policy effects in our model than in a model where time investment does not respond endogenously to the policy. |
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Keywords: | Human capital production Parental time investment Wage inequality Earnings persistence Public schooling |
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