sradomska

Sylwia
Radomska

Adiunkt, Polska Akademia Nauk

Assistant Professor, Polish Academy of Science

W toku | Work in progress

  • Optimal Taxation of Human Capital with Parental Altruism and Asymmetric Information

    This paper studies optimal education finance in a dynastic Mirrlees economy in which parents derive direct utility from their children’s human capital alongside standard dynastic discounting. Education-specific parental altruism adds a non-productive utility return to investment: it raises parental utility independently of the output it generates. We show that this second channel alters the constrained-efficient human-capital wedge: sufficiently strong altruism reverses the wedge from negative to positive, the optimal education subsidy is decreasing in altruism, and stronger altruism shifts intergenerational transfers away from financial bequests toward education. Calibrated to the U.S. economy, the model implies that optimal education support is non-monotonic in income and decreasing in bequests: low-income dynasties receive support due to borrowing constraints, while middle-income families face the weakest case for intervention. Income-contingent loans raise schooling, output, and welfare, but widen educational dispersion. Income-dependent subsidies reduce educational inequality more directly, at the cost of labor-supply distortions and lower aggregate output.

     

    Sylwia
    Radomska
  • Productivity-Rent Effects in Intergenerational Transfers: Education versus Bequests

    This paper studies optimal intergenerational transfers when altruistic parents can transfer resources to their children through financial bequests or through investment in human capital. The key distinction is that
    education is a productive transfer: it changes the mapping from privately observed ability to output, whereas bequests are budgetary transfers. The paper characterizes how this distinction affects information rents in a dynastic Mirrlees environment.

    The main result is a decomposition of the informational effect of education relative to bequests. With endogenous labor supply, both instruments affectincentive provision through marginal-utility and labor-supply responses.
    Education, however, generates an additional productivity-rent component governed by the cross-partial between ability and human capital in production. This component is absent for purely budgetary transfers. When ability and human capital are sufficiently complementary, the productivity-rent component can dominate the standard labor-requirement channel, so that education may be optimally distorted downward relative to the bequest margin.

    The analysis clarifies why education and bequests are not equivalent instruments of intergenerational redistribution. The difference is not only that education has risky returns, but also that it changes the sensitivity of output to privately observed ability. This distinction provides a force that can work against the standard education-subsidy logic in Mirrlees models.

    Sylwia
    Radomska
  • The European Unemployment Puzzle: implications from population aging

    We study the link between the evolving age structure of the working population and unemployment. We build a large New Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices and aggregate shocks. Once calibrated to the European economies, we use this model to provide comparative statics across past and contemporaneous age structures of the working population. Thus, we quantify the extent to which the response of labor markets to adverse TFP shocks and monetary policy shocks becomes muted with the aging of the working population. Our findings have important policy implications for European labor markets and beyond. For example, the working population is expected to further age in Europe, whereas the share of young workers will remain robust in the US. Our results suggest a partial reversal of the European-US unemployment puzzle.

    Krzysztof
    Makarski
    Joanna
    Tyrowicz
    Sylwia
    Radomska

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