By Dewatripont M., Hansen L.P., Turnovsky S.J. (eds.)

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2. 401 This discussion assumed that the j s remained invariant to the change in sorting. 60 Thus, whether the expression is concave or convex may itself depend on β. S. data. They use the Panel Study of Income Dynamics (PSID) to obtain a sample of parents and children and group all individuals with high school and below into the unskilled category and everyone who has had at least some college into the skilled one. 6. 26 (from PSID and from Mare, 1997). 84). To calibrate the model, we need to know the γ j s.

The third column does the same but assumes that the decrease in the unskilled wage means constraints are tightened for low-type families and that those with three children can afford to send only a maximum of one of them to college. 3 is that changes in sorting can have large effects on inequality and that seemingly small changes in average years of education or in its coefficient of variation can underlie large changes in income distribution. 62 If as a result of the 61 62 Note that the standard deviation of log income is about half of what it is in reality for the United States.

30. 4) that any value of j can be decomposed into an assumption about how “inheritable” education is (the γ j s) and a corresponding assumption about how binding borrowing constraints are (the z n j s). 2 shows various such decompositions for l (for the other j s it is assumed that the constraints are not binding and hence j = γ j ). Fern´andez and Rogerson (2001b) use the second column as their benchmark. Note that this implies the existence of very mild constraints. Only low-type families with three high-ability children are affected, and these are fewer than 1 percent of low-type families.

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