Abstract:
The paper studies the effect of wage on the human capital accumulation in a unified growth model with inequality and endogenous fertility. It highlights the substitutional relationship between fertility and old-age leisure, through which the fertility differential is determined by the evolution of human capital. Because of externality during the period of human capital evolution, low income families tend to have higher fertility rate, lower quality investment and retire later. In the economy with rapid wage growth, the fertility differential leads to a larger share of labor with low human capital, which hinders the accumulation of human capital. The effects of social security policies also be examined. The main result implies that to cope with the financial pressure of social security fund, the government should increase the retirement age and social security tax in the short run, and change to a lower social security tax in the long run.
郭凯明, 余靖雯. 工资增长、生育率差异与人力资本积累——基于内生生育和退休的动态一般均衡研究[J]. 金融研究, 2017, 441(3): 1-15.
GUO Kaiming, YU Jingwen. Wage Growth, Fertility Differential and Human Capital Accumulation: A Dynamic General Equilibrium Study with Endogenous Fertility and Retirement. Journal of Financial Research, 2017, 441(3): 1-15.
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