The demographic transition in a unified growth model of the English economy

Arbeitspapier

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.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Cardiff Economics Working Papers ; No. E2019/8

Classification and Topics

• Classification: Wirtschaft ; Macroeconomic Analyses of Economic Development ; Demographic Trends, Macroeconomic Effects, and Forecasts ; Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: Europe: Pre-1913
• Subject: Economic Development ; Demography ; Unified Growth ; Overlapping Generations ; English Economy

Contributors, Location and Time

• Event: Geistige Schöpfung
• (who): Foreman-Peck, James S. ; Zhou, Peng
• Event: Veröffentlichung
• (who): Cardiff University, Cardiff Business School
• (where): Cardiff
• (when): 2019

Further information

• Handle: http://hdl.handle.net/10419/230441
• Last update: 20.09.2024, 8:21 AM CEST