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Author: Meghir, Costas

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1.	Abbott, Brant Gallipoli, Giovanni Meghir, Costas Violante, Giovanni L.
1.	Education Policy and Intergenerational Transfers in Equilibrium NBER Working Paper No. 18782, National Bureau of Economic Research, February 2013. Also: http://www.nber.org/papers/w18782 Cohort(s): Children of the NLSY79, NLSY79, NLSY97 Publisher: National Bureau of Economic Research (NBER) Keyword(s): Armed Forces Qualifications Test (AFQT); Credit/Credit Constraint; Current Population Survey (CPS) / CPS-Fertility Supplement; Educational Costs; Financial Assistance; I.Q.; Intergenerational Patterns/Transmission; Panel Study of Income Dynamics (PSID); Peabody Individual Achievement Test (PIAT- Math); Transfers, Family; Transfers, Financial This paper compares partial and general equilibrium effects of alternative financial aid policies intended to promote college participation. We build an overlapping generations life-cycle, heterogeneous-agent, incomplete-markets model with education, labor supply, and consumption/ saving decisions. Altruistic parents make inter vivos transfers to their children. Labor supply during college, government grants and loans, as well as private loans, complement parental transfers as sources of funding for college education. We find that the current financial aid system in the U.S. improves welfare, and removing it would reduce GDP by two percentage points in the long-run. Any further relaxation of government-sponsored loan limits would have no salient effects. The short-run partial equilibrium effects of expanding tuition grants (especially their need-based component) are sizeable. However, long-run general equilibrium effects are 3-4 times smaller. Every additional dollar of government grants crowds out 20-30 cents of parental transfers.
	Bibliography Citation Abbott, Brant, Giovanni Gallipoli, Costas Meghir and Giovanni L. Violante. "Education Policy and Intergenerational Transfers in Equilibrium." NBER Working Paper No. 18782, National Bureau of Economic Research, February 2013.

2.	Abbott, Brant Gallipoli, Giovanni Meghir, Costas Violante, Giovanni L.
2.	Education Policy and Intergenerational Transfers in Equilibrium Journal of Political Economy 127,6 (December 2019): 2569-2624. Also: https://www.journals.uchicago.edu/doi/full/10.1086/702241 Cohort(s): Children of the NLSY79, NLSY79, NLSY97 Publisher: University of Chicago Press Keyword(s): Current Population Survey (CPS) / CPS-Fertility Supplement; Financial Assistance; Intergenerational Patterns/Transmission; Panel Study of Income Dynamics (PSID); Parental Influences; Student Loans / Student Aid; Survey of Consumer Finances (SCF); Transfers, Parental We examine the equilibrium effects of college financial aid policies building an overlapping-generations life cycle model with education, labor supply, and saving decisions. Cognitive and noncognitive skills of children depend on parental education and skills and affect education and labor market outcomes. Education is funded by parental transfers that supplement grants, loans, and student labor supply. Crowding out of parental transfers by government programs is sizable and cannot be ignored. The current system of federal aid improves long-run welfare by 6 percent. More generous ability-tested grants would increase welfare and dominate both an expansion of student loans and a labor tax cut.
	Bibliography Citation Abbott, Brant, Giovanni Gallipoli, Costas Meghir and Giovanni L. Violante. "Education Policy and Intergenerational Transfers in Equilibrium." Journal of Political Economy 127,6 (December 2019): 2569-2624.

3.	Carneiro, Pedro M. Meghir, Costas Parey, Matthias
3.	Intergenerational Effects of Mothers Schooling on Children's Outcomes: Causal Links and Transmission Channels Working Paper, Institute for Fiscal Studies (IFS), London, October 12, 2005. Also: http://www.fundacionareces.es/PDF/educacion/carneiro.pdf Cohort(s): Children of the NLSY79, NLSY79 Publisher: Institute for Fiscal Studies (IFS), London Keyword(s): Armed Forces Qualifications Test (AFQT); Behavior Problems Index (BPI); Educational Aspirations/Expectations; Home Observation for Measurement of Environment (HOME); Intergenerational Patterns/Transmission; Mothers, Education; Parental Influences; Peabody Individual Achievement Test (PIAT- Math); School Progress; Tuition; Variables, Instrumental Permission to reprint the abstract has not been received from the publisher. The objective of this paper is to investigate mothers education as a driving force behind children's schooling outcomes and to explore channels through which the effect of mothers schooling is transmitted. Using matched data from the female participants of the National Longitudinal Survey of Youth (NLSY79) and their children, we study the causal effect of mothers education on children's outcomes when they are aged nine to ten. We exploit geographical and intertemporal variation in mothers schooling cost at the time when the mother grew up. The data allows to control for mothers ability and family background factors. Our results indicate substantial intergenerational returns to education. We find that children's math test score and a measure of grade repetition are significantly affected by mothers education, but we do not find effects on an index of behavioural problems. The rich data set allows us to study different channels which may transmit the effect of mothers education on children's outcomes, including aspects of mother characteristics and parental investments. In particular, we find a significant effect of mothers education on the mothers age when she gave birth to her first child, on available family income and on the cognitive home environment provided by the parents. In line with related literature, we find IV results that are substantially higher than OLS results, indicating heterogeneity in returns.
	Bibliography Citation Carneiro, Pedro M., Costas Meghir and Matthias Parey. "Intergenerational Effects of Mothers Schooling on Children's Outcomes: Causal Links and Transmission Channels." Working Paper, Institute for Fiscal Studies (IFS), London, October 12, 2005.

4.	Carneiro, Pedro M. Meghir, Costas Parey, Matthias
4.	Maternal Education, Home Environments and the Development of Children and Adolescents IZA Discussion Paper No. 3072, Institute for the Study of Labor (IZA), September 2007. Cohort(s): Children of the NLSY79, NLSY79 Publisher: Institute for the Study of Labor (IZA) Keyword(s): Armed Forces Qualifications Test (AFQT); Behavior Problems Index (BPI); Educational Aspirations/Expectations; Home Observation for Measurement of Environment (HOME); Intergenerational Patterns/Transmission; Mothers, Education; Parental Influences; Peabody Individual Achievement Test (PIAT- Math); Peabody Individual Achievement Test (PIAT- Reading); School Progress; Variables, Instrumental Permission to reprint the abstract has not been received from the publisher. We study the intergenerational effects of maternal education on children's cognitive achievement, behavioral problems, grade repetition and obesity. We address endogeneity of maternal schooling by instrumenting with variation in schooling costs when the mother grew up. Using matched data from the female participants of the National Longitudinal Survey of Youth 1979 (NLSY79) and their children, we can control for mother's ability and family background factors. Our results show substantial intergenerational returns to education. For children aged 7-8, for example, our IV results indicate that an additional year of mother's schooling increases the child's performance on a standardized math test by almost 0.1 of a standard deviation, and reduces the incidence of behavioral problems. Our data set allows us to study a large array of channels which may transmit the effect of maternal education to the child, including family environment and parental investments at different ages of the child. We find that income effects, delayed childbearing, and assortative mating are likely to be important, and we show that maternal education leads to substantial differences in maternal labor supply. We investigate heterogeneity in returns, and we present results focusing both on very early stages in the child's life as well as adolescent outcomes. We present a falsification exercise to support the validity of our instruments, and our results are found to be robust in a sensitivity analysis. We discuss policy implications and relate our findings to intergenerational mobility.
	Bibliography Citation Carneiro, Pedro M., Costas Meghir and Matthias Parey. "Maternal Education, Home Environments and the Development of Children and Adolescents." IZA Discussion Paper No. 3072, Institute for the Study of Labor (IZA), September 2007.

5.	Carneiro, Pedro M. Meghir, Costas Parey, Matthias
5.	Maternal Education, Home Environments and the Development of Children and Adolescents Presented: Denver, CO, American Economic Association Annual Meeting, January 2011. Forthcoming: Journal of European Economic Association. Cohort(s): Children of the NLSY79, NLSY79 Publisher: American Economic Association Keyword(s): Armed Forces Qualifications Test (AFQT); Behavior Problems Index (BPI); Behavioral Problems; Cognitive Development; Educational Aspirations/Expectations; Grade Retention/Repeat Grade; Home Observation for Measurement of Environment (HOME); Intergenerational Patterns/Transmission; Mothers, Education; Obesity; Parental Influences; Peabody Individual Achievement Test (PIAT- Reading); School Progress; Variables, Instrumental Permission to reprint the abstract has not been received from the publisher. We study the intergenerational effects of maternal education on children's cognitive achievement, behavioral problems, grade repetition and obesity. We address endogeneity of maternal schooling by instrumenting with variation in schooling costs when the mother grew up. Using matched data from the female participants of the National Longitudinal Survey of Youth 1979 (NLSY79) and their children, we can control for mother's ability and family background factors. Our results show substantial intergenerational returns to education. For children aged 7-8, for example, our IV results indicate that an additional year of mother's schooling increases the child's performance on a standardized math test by almost 0.1 of a standard deviation, and reduces the incidence of behavioral problems. Our data set allows us to study a large array of channels which may transmit the effect of maternal education to the child, including family environment and parental investments at different ages of the child. We find that income effects, delayed childbearing, and assortative mating are likely to be important, and we show that maternal education leads to substantial differences in maternal labor supply. We investigate heterogeneity in returns, and we present results focusing both on very early stages in the child's life as well as adolescent outcomes. We present a falsification exercise to support the validity of our instruments, and our results are found to be robust in a sensitivity analysis. We discuss policy implications and relate our findings to intergenerational mobility.
	Bibliography Citation Carneiro, Pedro M., Costas Meghir and Matthias Parey. "Maternal Education, Home Environments and the Development of Children and Adolescents." Presented: Denver, CO, American Economic Association Annual Meeting, January 2011. Forthcoming: Journal of European Economic Association.

6.	Carneiro, Pedro M. Meghir, Costas Parey, Matthias
6.	The Effect of Mother's Schooling on Children's Outcomes: Causal Links and Transmission Channels Working Paper, University College London and Institute for Fiscal Studies, May 3, 2006. Also: http://www.tinbergen.nl/cost/london/parey.pdf Cohort(s): Children of the NLSY79, NLSY79 Publisher: Institute for Fiscal Studies (IFS), London Keyword(s): Armed Forces Qualifications Test (AFQT); Behavior Problems Index (BPI); Educational Aspirations/Expectations; Home Observation for Measurement of Environment (HOME); Intergenerational Patterns/Transmission; Mothers, Education; Parental Influences; Peabody Individual Achievement Test (PIAT- Math); School Progress; Variables, Instrumental Permission to reprint the abstract has not been received from the publisher. Several economists have recently tried to isolate the causal effect of parental schooling on child outcomes through the use of different empirical designs, analogous to those used to examine the impact of schooling on wages, namely twin studies and instrumental variables. In this paper we follow the latter strategy and estimate the effect of maternal schooling on children's outcomes. We use white children from the National Longitudinal Survey of Youth 1979 (NLSY79), a rich dataset that contains detailed information on children outcomes at several ages, home environments and maternal characteristics. The available information allows to estimate the importance of maternal schooling for several outcomes of the child at different ages, and potential channels by which an increase in maternal education translates into improved child outcomes. We instrument mother's schooling with the presence of a public four year college in the county of residence at age 14, average tuition in public 4 year colleges in the county of residence at age 17, and average unemployment rate and blue collar wages in the state of residence at age 17.
	Bibliography Citation Carneiro, Pedro M., Costas Meghir and Matthias Parey. "The Effect of Mother's Schooling on Children's Outcomes: Causal Links and Transmission Channels." Working Paper, University College London and Institute for Fiscal Studies, May 3, 2006.

7.	Carneiro, Pedro Meghir, Costas Parey, Matthias
7.	Maternal Education, Home Environments, and the Development of Children and Adolescents Journal of the European Economic Association 11, s1 (January 2013): 123-160. Also: http://onlinelibrary.wiley.com/doi/10.1111/j.1542-4774.2012.01096.x/abstract Cohort(s): Children of the NLSY79, NLSY79 Publisher: Wiley Online Keyword(s): Achievement; Armed Forces Qualifications Test (AFQT); Behavior Problems Index (BPI); Body Mass Index (BMI); Cognitive Development; Grade Retention/Repeat Grade; Home Environment; Home Observation for Measurement of Environment (HOME); Intergenerational Patterns/Transmission; Mothers, Education; Motor and Social Development (MSD); Obesity; Parental Investments; Peabody Individual Achievement Test (PIAT- Math); Peabody Individual Achievement Test (PIAT- Reading) Permission to reprint the abstract has not been received from the publisher. We study the intergenerational effects of maternal education on children’s cognitive achievement, behavioral problems, grade repetition, and obesity, using matched data from the female participants of the National Longitudinal Survey of Youth 1979 (NLSY79) and their children. We address the endogeneity of maternal schooling by instrumenting it with variation in schooling costs during the mother’s adolescence. Our results show substantial intergenerational returns to education. Our data set allows us to study a large array of channels which may transmit the effect of maternal education to the child, including family environment and parental investments at different ages of the child. We discuss policy implications and relate our findings to the literature on intergenerational mobility. © 2013 European Economic Association
	Bibliography Citation Carneiro, Pedro, Costas Meghir and Matthias Parey. "Maternal Education, Home Environments, and the Development of Children and Adolescents." Journal of the European Economic Association 11, s1 (January 2013): 123-160.

8.	Lise, Jeremy Meghir, Costas Robin, Jean-Marc
8.	Matching, Sorting and Wages Review of Economic Dynamics 19 (January 2016): 63-87. Also: http://www.sciencedirect.com/science/article/pii/S109420251500071X Cohort(s): NLSY79 Publisher: Society for Economic Dynamics Keyword(s): Employment History; Job Search; Modeling; Wage Determination Permission to reprint the abstract has not been received from the publisher. We develop an empirical search-matching model which is suitable for analyzing the wage, employment and welfare impact of regulation in a labor market with heterogeneous workers and jobs. To achieve this we develop an equilibrium model of wage determination and employment which extends the current literature on equilibrium wage determination with matching and provides a bridge between some of the most prominent macro models and microeconometric research. The model incorporates productivity shocks, long-term contracts, on-the-job search and counter-offers. Importantly, the model allows for the possibility of assortative matching between workers and jobs due to complementarities between worker and job characteristics. We use the model to estimate the potential gain from optimal regulation and we consider the potential gains and redistributive impacts from optimal unemployment benefit policy. Here optimal policy is defined as that which maximizes total output and home production, accounting for the various constraints that arise from search frictions. The model is estimated on the NLSY using the method of moments.
	Bibliography Citation Lise, Jeremy, Costas Meghir and Jean-Marc Robin. "Matching, Sorting and Wages." Review of Economic Dynamics 19 (January 2016): 63-87.

9.	Lise, Jeremy Meghir, Costas Robin, Jean-Marc
9.	Mismatch, Sorting and Wage Dynamics Working Paper W13/16, Institute for Fiscal Studies (IFS), Economic and Social Research Council, January 2013. Also: http://www.ifs.org.uk/wps/wp201316.pdf Cohort(s): NLSY79 Publisher: Institute for Fiscal Studies (IFS), London Keyword(s): Employment; Modeling; Unemployment Insurance; Wage Determination Permission to reprint the abstract has not been received from the publisher. We develop an empirical search-matching model which is suitable for analyzing the wage, employment and welfare impact of regulation in a labor market with heterogeneous workers and jobs. To achieve this we develop an equilibrium model of wage determination and employment which extends the current literature on equilibrium wage determination with matching and provides a bridge between some of the most prominent macro models and microeconometric research. The model incorporates productivity shocks, long-term contracts, on-the-job search and counter-offers. Importantly, the model allows for the possibility of assortative matching between workers and jobs due to complementarities between worker and job characteristics. We use the model to estimate the potential gain from optimal regulation and we consider the potential gains and redistributive impacts from optimal unemployment insurance policy. The model is estimated on the NLSY using the method of moments.
	Bibliography Citation Lise, Jeremy, Costas Meghir and Jean-Marc Robin. "Mismatch, Sorting and Wage Dynamics." Working Paper W13/16, Institute for Fiscal Studies (IFS), Economic and Social Research Council, January 2013.

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