FamilyMacro: Family Decisions and Macroeconomic Outcomes

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Most of the household choices that drive macroeconomic outcomes, such as decisionson labor supply, savings, fertility, and education are made in the context of families.FamilyMacro will advance a research agenda that makes the role of family decision makingfor macroeconomic outcomes explicit and derive new insights on the repercussions of familydecision-making for economic growth, economic fluctuations, and macroeconomic inequality.With regard to implications for business cycles, FamilyMacro will gather new evidence andassemble new models to understand the implications of macroeconomic shocks for laborsupply and consumption, while taking into account the qualitatively different labor marketbehavior by gender and marital status and the role of insurance within the family forconsumption responses. Regarding economic growth, FamilyMacro will leverage recent workon the economics of skill acquisition and parenting to examine the repercussions ofmacroeconomic conditions for human capital accumulation. A second long-run theme is theimplications of low population growth resulting from the currently very low fertility ratesin many high-income economies. Lastly, FamilyMacro will explore the link between familiesand macroeconomic inequality by considering the role of "family culture" and other formsof transmission of values and attitudes within families for social mobility and thepersistence of economic status across generations.