Showing 1 - 10 of 44
Persistent link: https://www.econbiz.de/10005027219
This paper analyzes the dispersion in consumption and earnings over the life-cycle. We first reexamine these facts by considering US data for the period (1980-2000) using alternative price deflators. We find that consumption and earnings dispersion increase with age, but that the increase in...
Persistent link: https://www.econbiz.de/10005027293
innovation, economies catching up to the frontier are well served by implementing long-term labor contracts …
Persistent link: https://www.econbiz.de/10005027309
This paper introduces a tractable general equilibrium overlapping-generations model of human capital accumulation, and shows that it provides a consistent explanation of several key features of the evolution of the U.S. wage distribution from 1970 to 2000. The framework is based on the...
Persistent link: https://www.econbiz.de/10005069204
This paper develops and estimates a search model in which career-specific and firm-specific matches determine job mobility and wage growth. Each worker-firm and worker-career relationship is characterized by a match that evolves stochastically over time. At each period, a worker has three...
Persistent link: https://www.econbiz.de/10005069217
Two salient changes in the US wage structure have occurred over the past three decades: first, a sharp increase in the wage premium to schooling despite a continual increase in the supply of schooling, and second, a rise and then fall of the wage premium to work experience. Capital-skill...
Persistent link: https://www.econbiz.de/10005069246
We study the structure of optimal wedges and wealth taxes in a Mirrleesian economy with endogenous skills. Human capital is a private state variable that drives the skill process of each individual. Building on the findings of the labor literature, we assume that human capital investment is a)...
Persistent link: https://www.econbiz.de/10005069250
Recent growth papers have utilized the Ben-Porath 1967 mechanism according to which prolonging the period in which individuals may receive returns on their investment spurs investment in human capital and cause growth. Implicitly, one implication of these models is that total labor input over...
Persistent link: https://www.econbiz.de/10005069273
I show that in a conventional Ramsey model, between one-fourth and one-half of the global income distribution can be explained by a single factor: The effect of large, persistent differences in national average IQ on the private marginal product of labor. Thus, differences in national average IQ...
Persistent link: https://www.econbiz.de/10005069328
Persistent link: https://www.econbiz.de/10005069386