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Decreasing Fertility, Economic Growth and the Intergenerational Wage Gap

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  • Klaus Prettner
  • Alexia Prskawetz

Abstract

Persistent low fertility rates lead to lower population growth rates and eventually also to decreasing population sizes in most industrialized countries. There are fears that this demographic development is associated with declines in per capita GDP and possibly also increasing inequality of the wage distribution. We investigate whether this is true in the context of neoclassical growth models, augmented with endogenous fertility decisions and endogenous educational decisions. Furthermore we allow for imperfect substitutability across workers of different age in the production process and learning by doing effects as well as human capital depreciation. In particular, we assess the intergenerational wage redistribution effects which follow after a demographic change to persistent low fertility rates.

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File URL: http://www.oeaw.ac.at/vid/download/WP2009_06.pdf
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Bibliographic Info

Paper provided by Vienna Institute of Demography (VID) of the Austrian Academy of Sciences in Vienna in its series Working Papers with number 0906.

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Length: 24 pages
Date of creation: Aug 2009
Date of revision:
Handle: RePEc:vid:wpaper:0906

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Web page: http://www.oeaw.ac.at/vid/

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Keywords: Population decline; economic growth; intergenerational wage gap.;

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References

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  1. Aghion, P. & Howitt, P., 1990. "A Model Of Growth Through Creative Destruction," DELTA Working Papers 90-12, DELTA (Ecole normale supérieure).
  2. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S71-102, October.
  3. Becker, Gary S & Tomes, Nigel, 1976. "Child Endowments and the Quantity and Quality of Children," Journal of Political Economy, University of Chicago Press, vol. 84(4), pages S143-62, August.
  4. RobertJ. Willis, 1974. "Economic Theory of Fertility Behavior," NBER Chapters, in: Economics of the Family: Marriage, Children, and Human Capital, pages 25-80 National Bureau of Economic Research, Inc.
  5. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth Through Creative Destruction," Scholarly Articles 12490578, Harvard University Department of Economics.
  6. Jones, Charles I, 1995. "R&D-Based Models of Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 103(4), pages 759-84, August.
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Cited by:
  1. Strulik, Holger & Prettner, Klaus & Prskawetz, Alexia, 2011. "R&D-based growth in the post-modern era," ECON WPS - Vienna University of Technology Working Papers in Economic Theory and Policy 04/2011, Vienna University of Technology, Institute for Mathematical Methods in Economics, Research Group Economics (ECON).
  2. Thomas Fent & Belinda Aparicio Diaz & Alexia Prskawetz, 2013. "Family policies in the context of low fertility and social structure," Demographic Research, Max Planck Institute for Demographic Research, Rostock, Germany, vol. 29(37), pages 963-998, November.
  3. Theresa Grafeneder-Weissteiner & Klaus Prettner, 2010. "Agglomeration processes in aging societies," Department of Economics Working Papers wuwp131, Vienna University of Economics, Department of Economics.
  4. Klaus Prettner & Alexia Prskawetz, 2010. "Demographic Change in Models of Endogenous Economic Growth. A Survey," Working Papers 1008, Vienna Institute of Demography (VID) of the Austrian Academy of Sciences in Vienna.
  5. Bilal Barakat & Johannes Holler & Klaus Prettner & Julia Schuster, 2010. "The Impact of the Economic Crisis on Labour and Education in Europe," Working Papers 1006, Vienna Institute of Demography (VID) of the Austrian Academy of Sciences in Vienna.

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