The Intergenerational Effects of Recessions
研究发现，男性在16至20岁期间经历的全国失业率每上升一个百分点，其未来子女的年工资减少4%、职业声望降低3%、教育年限减少0.2年，揭示了经济衰退对未出生后代的长期影响。
Several studies analyze the contemporaneous effects of recessions on individuals and their children. This paper shows that recessions also affect future offspring, not born yet. By linking fathers and offspring from the Panel Study of Income Dynamics, we find that a percentage‐point increase in the national unemployment rate experienced by men between ages 16 and 20 reduces their future offspring's annual wages by 4 percent, occupational prestige by 3 percent, and education by 0.2 years. We then investigate the mechanisms explaining our findings.