The U‐Shape of Income Inequality over the 20th Century: The Role of Education*
构建了一个包含三个社会阶层的代际交叠模型，研究高等教育投资如何导致收入不平等在20世纪呈现先降后升的U形演变，并解释了遗产流动的下降与上升。
Abstract We propose an overlapping generations model with three social classes to investigate the effects of higher education on the evolution of inequality. Initially, no social class invests in higher education, and inequality is driven by wealth accumulation/bequests. Once the rich surpass a certain income threshold, they invest in higher education and their children's incomes start to grow faster. Over time, the middle class and, potentially, the poor follow suit. Overall, this framework provides a candidate explanation for (i) the U‐shaped evolution of income inequality, (ii) the fall and rise of inheritance flows, and (iii) differential investments in higher education.