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Opportunity and inequality across generations

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  • Koeniger, Winfried
  • Zanella, Carlo

Abstract

We analyze how intergenerational mobility and inequality would change relative to the status quo if dynasties had access to optimal insurance against low ability of future generations. Based on a dynamic, dynastic Mirrleesian model, we find that insurance against intergenerational ability risk increases in the social optimum relative to the status quo. This implies less intergenerational mobility in terms of welfare but no quantitatively significant change in earnings mobility. Earnings mobility is thus similar across economies with different incentives and welfare, illustrating that changes in earnings mobility cannot be interpreted readily in welfare terms without further analysis.

Suggested Citation

  • Koeniger, Winfried & Zanella, Carlo, 2022. "Opportunity and inequality across generations," Journal of Public Economics, Elsevier, vol. 208(C).
    • Handle: RePEc:eee:pubeco:v:208:y:2022:i:c:s0047272722000251
    DOI: 10.1016/j.jpubeco.2022.104623
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    1. Opportunity and Inequality across Generations
      by Christian Zimmermann in NEP-DGE blog on 2022-03-30 22:04:04

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    2. Gallipoli, Giovanni & Low, Hamish & Mitra, Aruni, 2020. "Consumption and Income Inequality across Generations," CEPR Discussion Papers 15166, C.E.P.R. Discussion Papers.
    3. Dirk Krueger & Alexander Ludwig & Irina Popova, 2024. "Shaping Inequality and Intergenerational Persistence of Poverty: Free College or Better Schools," PIER Working Paper Archive 24-023, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    4. Yulmardi, Yulmardi & Junaidi, Junaidi & Nugraha Putra, Dios, 2023. "Is the second generation of transmigrants more prosperous? A study of intergenerational welfare in ex-transmigration settlements," Agricultural and Resource Economics: International Scientific E-Journal, Agricultural and Resource Economics: International Scientific E-Journal, vol. 9(1), March.

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    More about this item

    Keywords

    Asymmetric information; Intergenerational mobility; Inequality; Human capital; Schooling; Bequests;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • H21 - Public Economics - - Taxation, Subsidies, and Revenue - - - Efficiency; Optimal Taxation
    • I24 - Health, Education, and Welfare - - Education - - - Education and Inequality
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • J62 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Job, Occupational and Intergenerational Mobility; Promotion

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