NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Working Papers by Tommaso Porzio

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Working Papers

April 2014Aggregate Fertility and Household Savings: A General Equilibrium Analysis using Micro Data
with Abhijit Banerjee, Xin Meng, Nancy Qian: w20050
This study uses micro data and an overlapping generations (OLG) model to show that general equilibrium (GE) forces are critical for understanding the relationship between aggregate fertility and household savings. First, we document that parents perceive children as an important source of old-age support and that, in partial equilibrium (PE), increased fertility lowers household savings. Then, we construct an OLG model that parametrically matches the PE empirical evidence. Finally, we extend the model to conduct a GE analysis and show that under standard assumptions and with the parameters implied by the data, GE forces can substantially offset the PE effects. Thus, focusing only on the PE can substantially overstate the effect of aggregate fertility on household savings.
December 2012Experience Matters: Human Capital and Development Accounting
with David Lagakos, Benjamin Moll, Nancy Qian: w18602
The current consensus in the development accounting literature is that differences in aggregate human and physical capital stocks across countries account for less than half of cross-country income differences. This literature has found that taking human capital from experience into account does not change the explanatory power of human capital. In this paper, we document a new fact that suggests a different conclusion. We find that experience-wage profiles are flatter in poorer countries than in richer countries. Taking this into account substantially increases the contribution of human and physical capital in development accounting.

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