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Fiscal Policy and Educational Attainment in the United States: A Generational Accounting Perspective

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Author Info
XAVIER CHOJNICKI
FREDERIC DOCQUIER

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Abstract

In this paper we investigate the consequences of the rise in educational attainment on US generational accounts. We build on the 1995 existing accounts and disaggregate them per schooling level. Contrary to medium- and high-skill newborns, we show that low-skill newborns are characterized by negative generational accounts. Compared to the results obtained with the traditional methodology, our baseline forecast is more optimistic. Nevertheless, the rise in educational attainment is not strong enough to restore the generational balance. Balancing the budget requires increasing taxes by 1.2% or reducing transfers by 2.7%. Our results are robust to the main assumptions. Copyright (c) The London School of Economics and Political Science 2006.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-0335.2006.00546.x
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Article provided by London School of Economics and Political Science in its journal Economica.

Volume (Year): 74 (2007)
Issue (Month): 294 (05)
Pages: 329-350
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Handle: RePEc:bla:econom:v:74:y:2007:i:294:p:329-350

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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. M. Dolores Collado & Iñigo Iturbe Ormaetxe & Guadalupe Valera, 2002. "Quantifying The Impact Of Immigration On The Spanish Welfare State," Working Papers. Serie AD 2002-04, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
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  2. Haveman, Robert, 1994. "Should Generational Accounts Replace Public Budgets and Deficits?," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 95-111, Winter. [Downloadable!] (restricted)
  3. Alan J. Auerbach & Philip Oreopoulos, 1999. "Analyzing the Fiscal Impact of U.S. Immigration," American Economic Review, American Economic Association, vol. 89(2), pages 176-180, May. [Downloadable!] (restricted)
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