This paper develops a theoretical model of intergenerational transfers inc orporating time use. With the aid of time budget and consumer expendi ture surveys, empirical estimates of the age profiles of various type s of time and goods consumption are presented, and the authors conclu de that (1) the net direction of intergenerational transfers is from younger to older ages; (2) under the golden-rule assumption, these tr ansfers largely constitute an externality to childbearing; and (3) th ey are not large enough to offset the capital dilution effect that wo uld result from higher fertility and more rapid population growth. Copyright 1988 by University of Chicago Press.
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