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This paper develops a dynamic general equilibrium model to highlight the role of human capital accumulation of agents differentiated by skill type in the joint determination of social mobility and the skill premium. We first show that our model captures the empirical co-movement of the skill...
Persistent link: https://www.econbiz.de/10009792199
allocation. Our results suggest that training subsidies for the unskilled have a significant impact on the labour income of … unskilled workers. These subsides also increase earnings for skilled workers and raise aggregate income with implied lifetime …
Persistent link: https://www.econbiz.de/10011704691
This paper examines the relationship between idiosyncratic risk in labour income and fluctuations in aggregate labour … BHPS sub-sample of Understanding Society for 2010-2014. We measure idiosyncratic risk in labour income by the relevant …
Persistent link: https://www.econbiz.de/10011624196
This paper establishes new evidence on the cyclical behaviour of household income risk in Great Britain and assesses … Panel Survey (1991-2008) by decomposing stochastic idiosyncratic income into its transitory, persistent and fixed components …. We then estimate how income risk, measured by the variance and the skewness of the probability distribution of shocks to …
Persistent link: https://www.econbiz.de/10011996331