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A Contribution to the Economic Theory of Fertility

  • Marla Ripoll

    (University of Pittsburgh)

  • Juan Carlos Cordoba

    (Iowa State University)

We show that a non-separable formulation of preferences that allow for a low EIS but a high Elasticity of Intergenerational Substitution (EGS) can simultaneously account for the evidence of declining demand for children and increasing demand for longevity as income increases. The model with a single elasticity cannot account for both. Our results suggests a major role for a new parameter in macro, the EGS. While the EIS mostly influence short term economic decisions, the EGS influence mostly long term economic decisions.

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Paper provided by Society for Economic Dynamics in its series 2011 Meeting Papers with number 1207.

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Date of creation: 2011
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Handle: RePEc:red:sed011:1207
Contact details of provider: Postal: Society for Economic Dynamics Christian Zimmermann Economic Research Federal Reserve Bank of St. Louis PO Box 442 St. Louis MO 63166-0442 USA
Fax: 1-314-444-8731
Web page: http://www.EconomicDynamics.org/society.htm
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  2. Michele Boldrin & Larry E. Jones, 2002. "Mortality, Fertility, and Saving in a Malthusian Economy," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 5(4), pages 775-814, October.
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