Full Citation

Title: Essays on Macroeconomics with Heterogeneous Agents

Citation Type: Dissertation/Thesis

Publication Year: 2017

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Abstract: This doctoral dissertation consists of the intersection of dynamic stochastic general equilibrium modeling, including heterogeneous agents, and the subjects of public finance and labor economics. The first chapter explains a puzzling empirical phenomenon regarding fertility rate in the United States. Over the last few decades, high-income females have demonstrated a tendency to have more children in the U.S. At the same time, household income structure has changed, becoming more unequal and more favorable to females. However, these changes appear contradictory to the predictions found in classical fertility literature, which suggest that high-income women exhibit low fertility due to the high opportunity cost of raising children. To account for this puzzling empirical phenomenon, we offer a fertility choice model with preference heterogeneity on having children, which allows for a comparative advantage between employment outside the home and child-rearing. We highlight the composition effect of females who desire children newly entering the high-income group, while females less desirous of children exit as the income structure changes. Our model accounts for 55% of the observed variation in the complete fertility rate, while the comparable model without composition effect fails to explain the observation. We also decompose various income shocks and find that changes in skill premium represent the major factor behind the phenomenon. The second chapter examines . . .

Url: http://s-space.snu.ac.kr/handle/10371/136980

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Authors: Lee, Young Jae

Institution: SNU

Department: Economics

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Degree: Economics

Publisher Location: South Korea

Pages: 1-117

Data Collections: IPUMS USA

Topics: Population Data Science

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