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  • 1
    Publication Date: 2016-05-23
    Description: In this paper we conduct a quantitative analysis of a number of stylized educational loan systems. We develop a stochastic general equilibrium model of a closed economy with a competitive firm sector and a government that levies taxes and administers educational loans. Individuals are heterogeneous in their talent for education and ability to learn on the job and face uninsurable idiosyncratic labour productivity risk during their working career. We calibrate the model to the US mortgage loan system and subsequently consider two possible reforms. The first is a Graduate Labour Tax (GLT) system whereby grants to students are financed by means of a tax on the labour income of educated individuals. We find that in the long run the proportion of uneducated workers stays roughly constant but the average educational attainment of students increases. As there exists a considerable amount of transitional dynamics in the model the welfare effects of the reform differ by generation. Cohorts alive at the time of the shock are worse off while ex-ante welfare of future cohorts increases. The gains to the latter are large enough to - at least in principle - compensate the losers from the policy reform and generate an overall welfare gain. The second possible reform we study is a Comprehensive Labour Tax (CLT). It is very similar to the GLT except for the fact that the educational tax is levied on all workers, including those who are uneducated. In contrast to the GLT reform the proportion of uneducated workers drops substantially. Generations that become economically active soon after the policy reform are worse off and the aggregate ex-ante welfare effect is negative.
    Keywords: E10 ; E24 ; D91 ; I22 ; J24 ; ddc:330 ; human capital ; experience effects ; educational loans ; uninsured labour market risk ; incomplete markets ; overlapping generations
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 2
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    Bonn: Institute for the Study of Labor (IZA)
    Publication Date: 2016-06-03
    Description: It takes a woman and a man to make a baby. This fact suggests that for a birth to take place, the parents should first agree on wanting a child. Using newly available data on fertility preferences and outcomes, we show that indeed, babies are likely to arrive only if both parents desire one, and there are many couples who disagree on having babies. We then build a bargaining model of fertility choice and match the model to data from a set of European countries with very low fertility rates. The distribution of the burden of child care between mothers and fathers turns out to be a key determinant of fertility. A policy that lowers the child care burden specifically on mothers can be more than twice as effective at increasing the fertility rate compared to a general child subsidy.
    Keywords: J13 ; ddc:330 ; fertility ; bargaining ; child care
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 3
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    Berlin: Deutsches Institut für Wirtschaftsforschung (DIW)
    Publication Date: 2018-01-31
    Description: This paper studies the long-run macroeconomic, distributional and welfare effects of tuition policy and student loans. We therefore form a rich model of risky human capital investment based on the seminal work of Heckman, Lochner and Taber (1998). We extend their original model by variable labor supply, borrowing constraints, idiosyncratic wage risk, uncertain life-span, and multiple schooling decisions. This allows us to build a direct link between students and their parents and make the initial distribution of people over different socio-economic backgrounds endogenous. Our simulation indicate that privatization of tertiary education comes with a vast reduction in the number of students, an increase in the college wage premium and longrun welfare losses of around 5 percent. Surprisingly, we find that from privatization of tertiary education, students are better off compared to workers from other educational classes, since the college wage premium nearly doubles. In addition, our model predicts that income contingent loans on which students don't have to pay interest, improve the college enrolment situation for agents from all kinds of backgrounds.
    Keywords: I22 ; J24 ; H52 ; ddc:330 ; public vs. private education ; schooling choice ; human capital investment ; idiosyncratic uncertainty
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 4
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    Bonn: Institute for the Study of Labor (IZA)
    Publication Date: 2015-05-22
    Description: The economic theory of fertility choice builds predominantly on the unitary model of the household, in which there is a single household utility function and potential intra-household disagreement is abstracted from. Empirical evidence suggests, however, that many (potential) mothers and fathers disagree on whether to have children, on how many children to have, and on when to have them. In this paper, we review existing work that brings models of intrahousehold conflict and bargaining to bear on fertility choice, and we point out promising future directions for this line of research.
    Keywords: D13 ; J12 ; J13 ; ddc:330 ; fertility ; bargaining ; child care ; limited commitment
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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