This paper shows that the assumption of elastic fertility choices represents an unconsidered way of introducing … with capital accumulation, and having a fixed discount rate. The transient dynamics are obtained since fertility, which … accumulation. The comparative dynamics are studied for two exogenous shocks: an increase in thrift, which changes fertility and …

fertility and transfers dampen intergenerational mobility. To evaluate the quantitative importance of this mechanism, we extend … fertility, family transfers, and education. The model, estimated to the US in the 2000s, implies that a counterfactual flat … income-fertility profile would-through the equalization of initial conditions-increase intergenerational mobility by 6%. The …