(), Italo Lopez Garcia
(), Kjell Gunnar Salvanes
() and Emma Tominey
Pedro Carneiro: University College London, Postal: University College London, London, UK
Italo Lopez Garcia: RAND Corporation, Postal: Rand Corporation, 1776 Main Street, Santa Monica, California 90401-3208, USA, USA
Kjell Gunnar Salvanes: Dept. of Economics, Norwegian School of Economics and Business Administration, Postal: NHH , Department of Economics, Helleveien 30, N-5045 Bergen, Norway
Emma Tominey: University of York, Postal: University of York, York, UK
Abstract: We extend the standard intergenerational mobility literature by modelling individual outcomes as a function of the whole history of parental income, using data from Norway. We nd that, conditional on permanent income, education is maximized when income is balanced between the early childhood and middle childhood years. In addition, there is an advantage to having income occur in late adolescence rather than in early childhood. These result are consistent with a model of parental investments in children with multiple periods of childhood, income shocks, imperfect insurance, dynamic complementarity, and uncertainty about the production function and the ability of the child.
43 pages, October 12, 2015
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