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Human Capital And Long Run Labor Income Risk
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Book Synopsis Human Capital and Long-Run Labor Income Risk by : Luca Benzoni
Download or read book Human Capital and Long-Run Labor Income Risk written by Luca Benzoni and published by . This book was released on 2013 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: This review article examines the role of labor income risk in determining the value of a person's human capital. We draw on the existing literature to present a model that incorporates various types of shocks to earnings. Within this framework, we highlight the implications of different assumptions about the correlation between market returns and labor income growth for the value of human capital and its riskiness. Further, the article surveys other work that applies similar ideas to assess the value and risk of pension promises. Finally, we discuss how to enrich the environment with heterogeneity in preferences and stock market exposures; endogenous labor supply and retirement decisions; health shocks; and human capital investment.
Book Synopsis Investing Over the Life Cycle with Long-Run Labor Income Risk by : Luca Benzoni
Download or read book Investing Over the Life Cycle with Long-Run Labor Income Risk written by Luca Benzoni and published by . This book was released on 2010-02 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many financial advisors and much of the academic literature often argue that young people should place most of their savings in stocks. In contrast, a significant fraction of U.S. households do not hold stocks. Investors typically hold very little in stocks when they are young, progressively increase their holdings as they age, and decrease their exposure to stock market risk when they approach retirement. The authors show how long-run labor income risk helps explain this evidence. Moreover, they discuss the effect of long-run labor income risk on the valuation of pension plan obligations, their funding, and the allocation of pension assets across different investment classes. figures.
Book Synopsis The Returns on Human Capital by : Hanno Lustig
Download or read book The Returns on Human Capital written by Hanno Lustig and published by . This book was released on 2005 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: "We use a standard single-agent model to conduct a simple consumption growth accounting exercise. Consumption growth is driven by news about current and expected future returns on the market portfolio. The market portfolio includes financial and human wealth. We impute the residual of consumption growth innovations that cannot be attributed to either news about financial asset returns or future labor income growth to news about expected future returns on human wealth, and we back out the implied human wealth and market return process. This accounting procedure only depends on the agent's willingness to substitute consumption over time, not her consumption risk preferences. We find that innovations in current and future human wealth returns are negatively correlated with innovations in current and future financial asset returns, regardless of the elasticity of intertemporal substitution. The evidence from the cross-section of stock returns suggests that the market return we back out of aggregate consumption innovations is a better measure of market risk than the return on the stock market"--National Bureau of Economic Research web site.
Book Synopsis Trade, Human Capital, and Income Risk by : Liuchun Deng
Download or read book Trade, Human Capital, and Income Risk written by Liuchun Deng and published by . This book was released on 2021 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we empirically assess the causal links between trade and individual income risk and study the role that human capital plays in this relationship using a rich, worker-level, longitudinal data set from Germany spanning the years 1976 to 2012. Our estimates suggest substantial heterogeneity in labor income risk across workers in different entry cohorts, over workers' life cycles, and across workers with different levels of industry- and occupation-specific human capital. Accounting for entry-cohort effects and age effects, our findings suggest that within-industry changes in imports and exports (per worker) are causally related to income risk: Imports increase risk and exports decrease risk, and they do so in an economically significant manner. Importantly, we find there to be a complex interplay between human capital and the linkage between trade and risk: While, on average, individuals with higher levels of industry- or occupation-specific human capital experience lower income risk, a given increase in net-imports exposure in an industry increases risk for workers with higher levels of industry tenure more than it does for workers with lower levels of industry tenure. High levels of industry-specific human capital can therefore be costly, from a risk perspective, for workers in highly trade-exposed industries. By contrast, we find no evidence of any interaction between risk, industry trade exposure, and occupation-specific human capital.
Book Synopsis Taxation of Human Capital and Wage Inequality by : Fatih Guvenen
Download or read book Taxation of Human Capital and Wage Inequality written by Fatih Guvenen and published by DIANE Publishing. This book was released on 2010-10 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: Wage inequality has been significantly higher in the U.S. than in continental European countries since the 1970s. This report studies the role of labor income tax policies (LITP) for understanding these facts. Countries with more progressive LITP have significantly lower before-tax wage inequality at different points in time. Progressivity is also negatively correlated with the rise in wage inequality during this period. Wage inequality arises from differences across individuals in their ability to learn new skills as well as from idiosyncratic shocks. Progressive taxation compresses the (after-tax) wage structure, thereby distorting the incentives to accumulate human capital, in turn reducing the cross-sectional dispersion of (before-tax) wages. Illustrations. This is a print-on-demand publication; it is not an original.
Book Synopsis Investing over the Life Cycle with Long-Run Labor Income Risk by : Luca Benzoni
Download or read book Investing over the Life Cycle with Long-Run Labor Income Risk written by Luca Benzoni and published by . This book was released on 2009 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many financial advisors and much of the academic literature often argue that young people should place most of their savings in stocks. In contrast, a significant fraction of U.S. households do not hold stocks. Moreover, life-cycle stock holdings are 'hump shaped:' Young investors typically hold very little in stocks, progressively increase their holdings as they age, and decrease their exposure to stock market risk when they approach retirement. In this article, we show how long-run labor income risk helps explain this evidence. Next, we discuss recent developments in the literature that has studied the effect of long-run labor income risk on the valuation of pension fund obligations, their funding, and the allocation of pension assets across different investment classes.
Book Synopsis The Value and Risk of Human Capital by : Luca Benzoni
Download or read book The Value and Risk of Human Capital written by Luca Benzoni and published by . This book was released on 2015 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Human capital embodies the knowledge, skills, health, and values that contribute to making people productive. These qualities, however, are hard to measure, and quantitative studies of human capital are typically based on the valuation of the lifetime income that a person generates in the labor market. This article surveys the theoretical and empirical literature that models a worker's life-cycle earnings and identifies appropriate discount rates to translate those cash flows into a certainty equivalent of wealth. We begin with an overview of a stylized model of human capital valuation with exogenous labor income. We then discuss extensions to this framework that study the underlying economic sources of labor income shocks, the choices that people make during their lives (such as about work, leisure, retirement, and investment in education), and the implications of these factors for human capital valuation and risk.
Book Synopsis Studies in Human Capital by : Jacob Mincer
Download or read book Studies in Human Capital written by Jacob Mincer and published by Edward Elgar Publishing. This book was released on 1993-01-01 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'The books should. . . . be bought by every university library. The research reported here is important, the exposition is lucid, the sequencing of chapters is sensible and the retrospective aspect of the volumes provides a fascinating insight into the working methods of one of the great economists of our time.' - Geraint Johnes, International Journal of Manpower Studies in Human Capital, the first volume of Jacob Mincer's essays to be published in this series, assesses the impact of education and job training on wage growth. It offers an authoritative study of the effects of human capital investments on labor turnover and the impact of technological change on human capital formation.
Book Synopsis Measuring Human Capital by : Barbara Fraumeni
Download or read book Measuring Human Capital written by Barbara Fraumeni and published by Academic Press. This book was released on 2021-07-12 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: Measuring Human Capital addresses a country's most important resource: its own people. Bettering human capital benefits individuals and their country and leads to improved sustainability for the future. For many years economists only used Gross Domestic Product (GDP), now acknowledged to be inadequate without supplemental measures, to gauge a country's overall value. There is now a recognition that many variables contribute to a country's worth, which make accurate measurement difficult. Looking beyond GDP by focusing on human capital, researchers, policymakers, government officials, and students can understand what elements impact human capital and how they might improve it in order to increase economic growth and well-being. - Addresses six major measures of human capital, covering at least 130 countries - Describes both monetary and index estimates - Includes two monetary measures by the World Bank and the Inclusive Wealth Report by UNEP and the Urban Institute of Kyushu University - Includes four index measures by the Institute for Health Metrics and Evaluation of the University of Washington, United Nations Development Programme, World Economic Forum, and World Bank - Includes two country chapters, one on China and the other on the United States
Book Synopsis Human Capital, Labor Demand, and Wages by : Gerbert E. Hebbink
Download or read book Human Capital, Labor Demand, and Wages written by Gerbert E. Hebbink and published by . This book was released on 1992 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The risk of investment in human capital by : Simona Maria Raita
Download or read book The risk of investment in human capital written by Simona Maria Raita and published by Rozenberg Publishers. This book was released on 2005 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Human Capital, Trade Liberalization, and Income Risk by : Tom Krebs
Download or read book Human Capital, Trade Liberalization, and Income Risk written by Tom Krebs and published by . This book was released on 2007 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using data from Mexico, the authors study empirically the link between trade policy and individual income risk and the extent to which this varies across workers of different human capital (education) levels. They use longitudinal income data on workers to estimate time-varying individual income risk parameters in different manufacturing sectors in Mexico between 1987 and 1998, a period in which the Mexican economy experienced substantial changes in trade policy. In a second step, they use the variations in trade policy across different sectors and over time to estimate the link between trade policy and income risk for workers of varying education levels. The authors' findings are as follows. The level of openness of an economy is not found to be related to income risk for workers of any type. Furthermore, changes in trade policy (that is, trade policy reforms) are not found to have any effect on the risk to income faced by workers with either low or high levels of human capital. But workers with intermediate levels of human capital are found to experience a statistically and economically significant increase in income risk immediately following liberalization of trade. The findings thus point to an interesting non-monotonicity in the interaction between human capital, income risk and trade policy changes.
Book Synopsis The Death of Human Capital? by : Phillip Brown
Download or read book The Death of Human Capital? written by Phillip Brown and published by Oxford University Press, USA. This book was released on 2020 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Human capital theory, or the notion that there is a direct relationship between educational investment and prosperity, has governed Western approaches to education and labor for the past fifty years. However, many degree recipients have experienced the opposite. This book demonstrates that the human capital story is one of a failed revolution that requires an alternative approach to education, jobs, and income inequalities. Rather than abandoning human capital theory, the book calls for a broader view of education not merely as schooling, but as the process of acquiring the skills necessary to take on a flexible range of jobs and roles. In a rapidly changing job market, workers will need to capitalize on the skills, talents, and personality traits that they have honed through a lifetime of learning, rather than their academic credentials. A controversial challenge to the reigning ideology on economics and education, this text provides important insights into the current plight of the overqualified, underemployed labor market"--
Book Synopsis Industry-Specific Human Capital, Idiosyncratic Risk and the Cross-Section of Expected Stock Returns by : Esther Eiling
Download or read book Industry-Specific Human Capital, Idiosyncratic Risk and the Cross-Section of Expected Stock Returns written by Esther Eiling and published by . This book was released on 2011 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: Human capital is one of the largest assets in the economy and in theory it may play an important role for asset pricing. Human capital is heterogeneous across investors and one source of heterogeneity is industry affiliation. I show that the cross-section of expected stock returns is primarily affected by industry-level rather than aggregate labor income risk. Furthermore, when human capital is excluded from the asset pricing model, the resulting idiosyncratic risk may appear to be priced. I find that the premium for idiosyncratic risk documented by several empirical studies depends on the covariance between stock and human capital returns.
Book Synopsis Human Capital in History by : Leah Platt Boustan
Download or read book Human Capital in History written by Leah Platt Boustan and published by University of Chicago Press. This book was released on 2014-11-05 with total page 419 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume honours the contributions Claudia Goldin has made to scholarship and teaching in economic history and labour economics. The chapters address some closely integrated issues: the role of human capital in the long-term development of the American economy, trends in fertility and marriage, and women's participation in economic change.
Book Synopsis The Human Capital that Matters by : Sean D. Campbell
Download or read book The Human Capital that Matters written by Sean D. Campbell and published by . This book was released on 2008 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Human Capital and Finance by : Miguel Palacios
Download or read book Essays on Human Capital and Finance written by Miguel Palacios and published by . This book was released on 2009 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt:
