A negative relationship between income and fertility has persisted for so long that its existence is often taken for granted. One economic theory builds on this relationship and argues that rising inequality leads to greater differential fertility between rich and poor. We show that the...

The life-cycle model is a standard theoretical framework for studying savings and wealth inequality. This paper shows that life-cycle models have difficulties accounting for the empirical relationship between lifetime earnings and household wealth. Quantitative life-cycle models imply a far...

Numerous public policies are aimed at improving the earnings opportunities for children of the poor and at reducing lifetime earnings inequality. This paper investigates to what extent such policies accomplish their objectives. A quantitative theory of intergenerational mobility and lifetime...