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Wage Dynamics And Returns To Unobserved Skill
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Book Synopsis Wage Dynamics and Returns to Unobserved Skill by : Lance Lochner
Download or read book Wage Dynamics and Returns to Unobserved Skill written by Lance Lochner and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economists disagree about the factors driving the substantial increase in residual wage inequality in the U.S. over the past few decades. We identify and estimate a general model of log wage residuals that incorporates: (i) changing returns to unobserved skills, (ii) a changing distribution of unobserved skills, and (iii) changing volatility in wages due to factors unrelated to skills. Using data from the PSID, we estimate that the returns to unobserved skills have declined by as much as 50% since the mid-1980s despite a sizable increase in residual inequality. Instead, the variance of skills rose over this period due to increasing variability in life cycle skill growth. Finally, we develop an assignment model of the labor market and show that both demand and supply factors contributed to the downward trend in the returns to skills over time, with demand factors dominating for non-college-educated men.
Book Synopsis Wage Dynamics and Unobserved Heterogeneity by : Lalith Munasinghe
Download or read book Wage Dynamics and Unobserved Heterogeneity written by Lalith Munasinghe and published by . This book was released on 2005 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: "A large portion of the variation in wages and wage growth rates among individuals is due to "unobserved" heterogeneity, and the source of individual heterogeneity is typically attributed to data limitations and/or the unobservability of certain productivity related factors. In this paper we develop a test that discriminates between two inherently unobservable sources of heterogeneity (both of which can clearly account for the variation in wages and wage growth rates): learning ability and workers' inter-temporal preferences (discounting). We apply this test to the large observed differences in wages and wage growth rates between smokers and non-smokers. The evidence supports the discounting hypothesis"--National Bureau of Economic Research web site.
Book Synopsis Understanding Earnings Dynamics by : Lance Lochner
Download or read book Understanding Earnings Dynamics written by Lance Lochner and published by . This book was released on 2014 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider a general framework to study the evolution of wage and earnings residuals that incorporates features highlighted by two influential but distinct literatures in economics: (i) unobserved skills with changing non-linear pricing functions and (ii) idiosyncratic shocks with both permanent and transitory components. We first provide nonparametric identification conditions for the distribution of unobserved skills, all unobserved skill pricing functions, and (nearly) all distributions for both permanent and MA(q) transitory shocks. We then discuss identification and estimation using a moment-based approach, restricting unobserved skill pricing functions to be polynomials. Using data on log earnings for men ages 30-59 in the PSID, we estimate the evolution of unobserved skill pricing functions and the distributions of unobserved skills, transitory, and permanent shocks from 1970 to 2008. We highlight five main findings: (i) The returns to unobserved skill rose over the 1970s and early 1980s, fell over the late 1980s and early 1990s, and then remained quite stable through the end of our sample period. Since the mid-1990s, we observe some evidence of polarization: the returns to unobserved skill declined at the bottom of the distribution while they remained relatively constant over the top half. (ii) The variance of unobserved skill changed very little across most cohorts in our sample (those born between 1925 and 1955). (iii) The variance of transitory shocks jumped up considerably in the early 1980s but shows little long-run trend otherwise over the more than thirty year period we study. (iv) The variance of permanent shocks declined very slightly over the 1970s, then rose systematically through the end of our sample by 15 to 20 log points. The increase in this variance over the 1980s and 1990s was strongest for workers with low unobserved ability. (v) In most years, the distribution of unobserved skill pricing is positively skewed, while the distributions of permanent and (especially) transitory shocks are negatively skewed.
Book Synopsis Changes in Relative Wages in the 1980s by : Kenneth Young Chay
Download or read book Changes in Relative Wages in the 1980s written by Kenneth Young Chay and published by . This book was released on 1996 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Changing Wage Structure and Black-White Differentials Among Men and Women by : Thomas Lemieux
Download or read book Changing Wage Structure and Black-White Differentials Among Men and Women written by Thomas Lemieux and published by . This book was released on 1994 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite several decades of research there is still widespread disagreement over the interpretation of the wage differences between black and white workers. Do the differences reflect productivity differences, discrimination, or both? If lower black earnings reflect a productivity difference, then an economy-wide increase in the relative wages of more highly-skilled workers should lead to a parallel increase in the black-white earnings gap. We evaluate this hypothesis using longitudinal data for men and women from the Panel Study of Income Dynamics. Our findings suggest that returns to observed and unobserved skills of male workers rose by 5-10 percent between 1979 and 1985. For female workers, the return to observed skills was relatively constant while the return to unobserved skills increased by 15 percent. The evidence that black-white wage differentials rise with the return to skill is mixed. Among female workers the black-white wage gap widened in the early 1980s -- consistent with the premise that racial wage differences reflect a productivity difference. For men in our sample the black-white wage gap declined between 1979 and 1985 -- a change that is inconsistent with the rise in the return for skills
Book Synopsis Changing Wage Structure and Black-white Wage Differentials by : David Edward Card
Download or read book Changing Wage Structure and Black-white Wage Differentials written by David Edward Card and published by . This book was released on 1994 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Labor Market Returns to Unobserved Skills by : Safoura Moeeni
Download or read book The Labor Market Returns to Unobserved Skills written by Safoura Moeeni and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We estimate the effects of unobserved skills on labor market outcomes by investigating a change in the distribution of unobserved skills. Among people with the same levels of observed skills such as education and work experience, there are still disparities in labor market outcomes. since employers cannot observe all applicantsâ skills and productivity, they rely on the average skills of different groups. We exploit a discontinuity generated by the 2012 education policy in Iran. This policy restricting female students in specific college majors changes the size and skill distribution of high school graduates. We find three main findings. First, the education quota lowers women's college attendance. Second, young high-school graduate women are more likely to participate in the labor market and have a job. Third, the gender wage gap decreases among high-school workers due to both within and between occupation changes: treated women are paid more and they take up higher-paying middle-skilled positions that used to be non-traditional occupations for them.
Book Synopsis The Labor Dynamics of Skill Biased Technical Change by : Matthew B. Ross
Download or read book The Labor Dynamics of Skill Biased Technical Change written by Matthew B. Ross and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This analysis explores the labor market dynamic of skill biased technical change through three distinct but closely related analyses. The first two chapters, develop a novel methodology for constructing a panel of occupational task content that consists of incumbent-updated survey data from O*NET. In the first chapter, I exploit variation in task content within an occupations over time to explore the impact of changing job requirements (driven by technology) on the wages of incumbent workers. In the second chapter, I utilize this same source of variation to estimate the likelihood that an incumbent worker transitions to non-employment or across employment states. In the third chapter, I use residual wage estimates from panel data to examine the relationship between human capital, unobserved skills, and job displacement. Motivated by recent literature on systematic displacement, we apply an empirical approach that utilizes variation in the residual from a hedonic wage model to examine differences in the distribution of unobserved skill between displaced and continuously employed workers. Each of these three chapters makes a significant contribution to the existing empirical literature on Skill Biased Technical Change and job displacement in terms of both methodology and findings.
Book Synopsis Inequality and the Labor Market by : Sharon Block
Download or read book Inequality and the Labor Market written by Sharon Block and published by Brookings Institution Press. This book was released on 2021-04-06 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exploring a new agenda to improve outcomes for American workers As the United States continues to struggle with the impact of the devastating COVID-19 recession, policymakers have an opportunity to redress the competition problems in our labor markets. Making the right policy choices, however, requires a deep understanding of long-term, multidimensional problems. That will be solved only by looking to the failures and unrealized opportunities in anti-trust and labor law. For decades, competition in the U.S. labor market has declined, with the result that American workers have experienced slow wage growth and diminishing job quality. While sluggish productivity growth, rising globalization, and declining union representation are traditionally cited as factors for this historic imbalance in economic power, weak competition in the labor market is increasingly being recognized as a factor as well. This book by noted experts frames the legal and economic consequences of this imbalance and presents a series of urgently needed reforms of both labor and anti-trust laws to improve outcomes for American workers. These include higher wages, safer workplaces, increased ability to report labor violations, greater mobility, more opportunities for workers to build power, and overall better labor protections. Inequality in the Labor Market will interest anyone who cares about building a progressive economic agenda or who has a marked interest in labor policy. It also will appeal to anyone hoping to influence or anticipate the much-needed progressive agenda for the United States. The book's unusual scope provides prescriptions that, as Nobel Laureate Joseph Stiglitz notes in the introduction, map a path for rebalancing power, not just in our economy but in our democracy.
Book Synopsis Learning and Wage Dynamics by : Henry S. Farber
Download or read book Learning and Wage Dynamics written by Henry S. Farber and published by . This book was released on 1991 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Labor Economics by : Bryce Scott VanderBerg
Download or read book Essays in Labor Economics written by Bryce Scott VanderBerg and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of two empirical studies and one applied theoretical study in labor economics. In the first chapter, I study the extend to which an observed layoff is used by employers to infer a worker's unobserved ability early in their labor market career. In the second chapter, I develop a theoretical model of wage dynamics that extends the employer learning and statistical discrimination model of Altonji and Pierret (2001) to allow for discrete changes in observable characteristics. In the third chapter, which is joint work with Gabrielle Pepin at the W.E. Upjohn Institute, we study the contribution of occupational sorting and mismatch to child penalties in the United States.I: The Signaling Role of Early Career Job LossI examine the extent to which ability signaling explains long-term wage losses suffered by young workers who experience layoffs. Young workers are of particular interest because employers have limited information about their ability, so signaling theoretically plays a larger role in determining wages. In addition, young workers are unlikely to experience wage losses due to loss of industry-specific human capital or separation from high-quality job matches, which may explain long-term wage decreases among older workers. Using data from the National Longitudinal Survey of Youth 1997, I show that young workers of all ability levels initially experience similar wage losses following layoffs, but high-relative ability workers fully recover within five years while low-relative ability workers experience persistent wage losses. Consistent with traditional learning models, relative, not actual, ability affects wage trajectories. I illustrate a conceptual model of layoff signaling that varies by pre-layoff experience and can explain divergent wage trajectories across high- and low-relative ability workers. I test the model empirically and find that low-relative ability workers' inability to overcome negative layoff signals explains a substantial proportion of long-term wage losses among young workers. Employer learning effects vary by race and gender.II: Employer Learning and Statistical Discrimination with Unexpected InformationThe Employer Learning and Statistical Discrimination (EL-SD) model of Altonji and Pierret (2001) assumes that employers learn about a worker's unobserved ability in a smooth, continuous manner, holding observable characteristics constant. In practice, observable characteristics, such as years of education, often change discretely over time for many workers. I extend the EL-SD model to allow for changes in observable characteristics to influence an employer's belief about a worker's ability. I show that changes in observable characteristics that are correlated with ability lead to discrete changes in employers' beliefs about the worker's ability, interrupting the smooth, continuous employer learning processes described in the EL-SD model. I further show that this discrete change in employer learning is larger for workers early in their labor market career, with the effect diminishing as labor market experience increases. I then use data from the NLSY97 to empirically test these predictions in the context of the signaling role of returning to school. I find suggestive evidence that returning to school to receive a GED or graduate degree sends a positive ability signal to the labor market, while returning to school to receive an associate or bachelor's degree does not.III: Occupational Sorting, Multidimensional Skill Mismatch, and the Child Penalty among Working MothersWe study the extent to which occupational sorting explains child penalties---gender gaps in labor market outcomes due to children---among working parents. Using an event-study approach and data from the National Longitudinal Surveys of Youth (NLSY) 1979 and 1997, we estimate that children generate long-run earnings gaps of over \\$200 per week among working parents. In the NLSY79, we find that children lead mothers to sort into lower-paying occupations in which employees tend to work fewer hours. We estimate that children increase multidimensional occupation-skill mismatch among working mothers by 0.3 standard deviations, relative both to their own levels of mismatch from before birth and to those of fathers. In the NLSY97, results suggest that improvements in labor market outcomes among fathers in response to children, rather than a worsening of labor market outcomes among mothers, seem to drive child penalties.
Book Synopsis Handbook of Labor Economics by : Orley Ashenfelter
Download or read book Handbook of Labor Economics written by Orley Ashenfelter and published by Elsevier. This book was released on 1999-11-18 with total page 800 pages. Available in PDF, EPUB and Kindle. Book excerpt: A guide to the continually evolving field of labour economics.
Book Synopsis Wage inequality & the rise in returns to skill by : C Juhn
Download or read book Wage inequality & the rise in returns to skill written by C Juhn and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Structure of Wages by : Edward P. Lazear
Download or read book The Structure of Wages written by Edward P. Lazear and published by University of Chicago Press. This book was released on 2009-05-15 with total page 473 pages. Available in PDF, EPUB and Kindle. Book excerpt: The distribution of income, the rate of pay raises, and the mobility of employees is crucial to understanding labor economics. Although research abounds on the distribution of wages across individuals in the economy, wage differentials within firms remain a mystery to economists. The first effort to examine linked employer-employee data across countries, The Structure of Wages:An International Comparison analyzes labor trends and their institutional background in the United States and eight European countries. A distinguished team of contributors reveal how a rising wage variance rewards star employees at a higher rate than ever before, how talent becomes concentrated in a few firms over time, and how outside market conditions affect wages in the twenty-first century. From a comparative perspective that examines wage and income differences within and between countries such as Denmark, Italy, and the Netherlands, this volume will be required reading for economists and those working in industrial organization.
Book Synopsis The Overeducated American by : Richard Barry Freeman
Download or read book The Overeducated American written by Richard Barry Freeman and published by New York : Academic Press. This book was released on 1976 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyzes the 1970s downturn in the labor market for college-educated manpower, considers consequences for educational institutions, and explores policies for alleviating the situation. Bibliogs
Author :National Academies of Sciences, Engineering, and Medicine Publisher :National Academies Press ISBN 13 :0309444454 Total Pages :643 pages Book Rating :4.3/5 (94 download)
Book Synopsis The Economic and Fiscal Consequences of Immigration by : National Academies of Sciences, Engineering, and Medicine
Download or read book The Economic and Fiscal Consequences of Immigration written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2017-07-13 with total page 643 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Economic and Fiscal Consequences of Immigration finds that the long-term impact of immigration on the wages and employment of native-born workers overall is very small, and that any negative impacts are most likely to be found for prior immigrants or native-born high school dropouts. First-generation immigrants are more costly to governments than are the native-born, but the second generation are among the strongest fiscal and economic contributors in the U.S. This report concludes that immigration has an overall positive impact on long-run economic growth in the U.S. More than 40 million people living in the United States were born in other countries, and almost an equal number have at least one foreign-born parent. Together, the first generation (foreign-born) and second generation (children of the foreign-born) comprise almost one in four Americans. It comes as little surprise, then, that many U.S. residents view immigration as a major policy issue facing the nation. Not only does immigration affect the environment in which everyone lives, learns, and works, but it also interacts with nearly every policy area of concern, from jobs and the economy, education, and health care, to federal, state, and local government budgets. The changing patterns of immigration and the evolving consequences for American society, institutions, and the economy continue to fuel public policy debate that plays out at the national, state, and local levels. The Economic and Fiscal Consequences of Immigration assesses the impact of dynamic immigration processes on economic and fiscal outcomes for the United States, a major destination of world population movements. This report will be a fundamental resource for policy makers and law makers at the federal, state, and local levels but extends to the general public, nongovernmental organizations, the business community, educational institutions, and the research community.
Book Synopsis The Impact of International Trade on Wages by : Robert C. Feenstra
Download or read book The Impact of International Trade on Wages written by Robert C. Feenstra and published by University of Chicago Press. This book was released on 2008-04-15 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the early 1980s, the U.S. economy has experienced a growing wage differential: high-skilled workers have claimed an increasing share of available income, while low-skilled workers have seen an absolute decline in real wages. How and why this disparity has arisen is a matter of ongoing debate among policymakers and economists. Two competing theories have emerged to explain this phenomenon, one focusing on international trade and labor market globalization as the driving force behind the devaluation of low-skill jobs, and the other focusing on the role of technological change as a catalyst for the escalation of high-skill wages. This collection brings together innovative new ideas and data sources in order to provide more satisfying alternatives to the trade versus technology debate and to assess directly the specific impact of international trade on U.S. wages. This timely volume offers a thorough appraisal of the wage distribution predicament, examining the continued effects of technology and globalization on the labor market.
