PARENTAL TIME INVESTMENT AND INTERGENERATIONAL MOBILITY
构建世代交叠一般均衡模型，研究父母时间投资差异如何影响终身收入的代际流动性，发现针对早期儿童的资产审查补贴能有效提升流动性。
Abstract This article constructs an overlapping generations general equilibrium model to explore the extent to which heterogeneity in time investment shapes intergenerational mobility of lifetime income. The calibrated model successfully accounts for untargeted distributional aspects of income mobility. Counterfactual exercises show that removing heterogeneity in parental time investment reduces intergenerational persistence by around 7–8% for early childhood but only marginally in later childhood. Policy experiments find that an asset‐tested subsidy for parental monetary investments in early childhood can raise intergenerational mobility in a cost‐effective way, though it reduces mobility substantially if given to parents with older school‐aged children.