Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/230441
Authors: 
Foreman-Peck, James S.
Zhou, Peng
Year of Publication: 
2019
Series/Report no.: 
Cardiff Economics Working Papers No. E2019/8
Abstract: 
A dynamic stochastic unified growth model is estimated from English economy data for almost a millennium. At the core of the (seven) overlapping generations, rational expectations structure is household choice about target number and quality of children. The trends of births, deaths, population and, the real wage, are closely matched by the estimated model. In the 19th century English fertility transition, the model shows how the generalized child price relative to the child quality price rose. The rising opportunity cost of education was as decisive for the transition as the parental shift to child quality.
Subjects: 
Economic Development
Demography
Unified Growth
Overlapping Generations
English Economy
JEL: 
O11
J11
N13
Document Type: 
Working Paper

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