|Title||How Important are Intergenerational Transfers of Time? A Macroeconomic Analysis|
|Year of Publication||1998|
|Authors||Cardia, E, Ng, S|
|Keywords||Adult children, Employment and Labor Force, Net Worth and Assets|
In this article the authors consider labor supply and capital accumulation with respect to intergenerational transfers of both time and money. Researchers working on this study created a model that would permit variables for time and monetary transfers, between generations of a family, in order to observe possible effects on the economy. By way of the model and data from the first wave (1992) of the Health and Retirement Study the researchers are able to find that increases in the amount of time transferred between generations will increase the amount of capital accumulation. The authors feel that time transfers have just as large an effect on the economy as monetary transfers. Monetary transfers have a tendency to increase a persons wealth and thus decrease the amount of effort they put into their work. On the other hand, time transfers tend to increase the amount of young people that are in the labor force. The authors examine the effects of different types of tax credits, as well.
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