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Education Policy and Intergenerational Transfers in Equilibrium / Brant Abbott, Giovanni Gallipoli, Costas Meghir, Giovanni L. Violante.
- Format:
- Book
- Author/Creator:
- Abbott, Brant.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w18782.
- NBER working paper series no. w18782
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2013.
- Summary:
- We examine the equilibrium effects of college financial aid policies building an overlapping generations life cycle model with education, labor supply, and saving decisions. Cognitive and non-cognitive skills of children depend on parental education and skills, and affect education and labor market outcomes. Education is funded by parental transfers that supplement grants, loans and student labor supply. Crowding out of parental transfers by government programs is sizable and cannot be ignored. The current system of federal aid improves long-run welfare by 6%. More generous ability-tested grants would increase welfare and dominate both an expansion of student loans and a labor tax cut.
- Notes:
- Print version record
- February 2013.
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