Understanding the evolution of the US wage distribution: a theoretical analysis
In this paper we present an analytically tractable overlapping generations model of human capital accumulation, and study its implications for the evolution of the U.S. wage distribution from 1970 to 2000. The key feature of the model, and the only source of heterogeneity, is that individuals differ...
Gespeichert in:
| Beteiligte Personen: | , |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2007
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
13096 |
| Links: | http://papers.nber.org/papers/w13096.pdf |
| Zusammenfassung: | In this paper we present an analytically tractable overlapping generations model of human capital accumulation, and study its implications for the evolution of the U.S. wage distribution from 1970 to 2000. The key feature of the model, and the only source of heterogeneity, is that individuals differ in their ability to accumulate human capital. Therefore, wage inequality results only from differences in human capital accumulation. We examine the response of this model to skill-biased technical change (SBTC) theoretically. We show that in response to SBTC, the model generates behavior consistent with several features of the U.S. data including (i) a rise in overall wage inequality both in the short run and long run, (ii) an initial fall in the education premium followed by a strong recovery, leading to a higher premium in the long run, (iii) the fact that most of this fall and rise takes place among younger workers, (iv) a rise in within-group inequality, (v) stagnation in median wage growth (and a slowdown in aggregate labor productivity), and (vi) a rise in consumption inequality that is much smaller than the rise in wage inequality. These results suggest that the heterogeneity in the ability to accumulate human capital is an important feature for understanding the effects of SBTC, and interpreting the transformation that the U.S. economy has gone through since the 1970's. |
| Umfang: | 44 S. graph. Darst. 22 cm |
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| 520 | 8 | |a In this paper we present an analytically tractable overlapping generations model of human capital accumulation, and study its implications for the evolution of the U.S. wage distribution from 1970 to 2000. The key feature of the model, and the only source of heterogeneity, is that individuals differ in their ability to accumulate human capital. Therefore, wage inequality results only from differences in human capital accumulation. We examine the response of this model to skill-biased technical change (SBTC) theoretically. We show that in response to SBTC, the model generates behavior consistent with several features of the U.S. data including (i) a rise in overall wage inequality both in the short run and long run, (ii) an initial fall in the education premium followed by a strong recovery, leading to a higher premium in the long run, (iii) the fact that most of this fall and rise takes place among younger workers, (iv) a rise in within-group inequality, (v) stagnation in median wage growth (and a slowdown in aggregate labor productivity), and (vi) a rise in consumption inequality that is much smaller than the rise in wage inequality. These results suggest that the heterogeneity in the ability to accumulate human capital is an important feature for understanding the effects of SBTC, and interpreting the transformation that the U.S. economy has gone through since the 1970's. | |
| 700 | 1 | |a Kuruşçu, Burhanettin |d 1974- |e Verfasser |0 (DE-588)129600164 |4 aut | |
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| id | DE-604.BV023593007 |
| illustrated | Illustrated |
| indexdate | 2024-12-20T13:23:19Z |
| institution | BVB |
| language | English |
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| physical | 44 S. graph. Darst. 22 cm |
| publishDate | 2007 |
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| publisher | National Bureau of Economic Research |
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| series2 | Working paper series / National Bureau of Economic Research |
| spelling | Guvenen, Fatih 1973- Verfasser (DE-588)133357724 aut Understanding the evolution of the US wage distribution a theoretical analysis Fatih Guvenen ; Burhanettin Kuruscu Cambridge, Mass. National Bureau of Economic Research 2007 44 S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 13096 In this paper we present an analytically tractable overlapping generations model of human capital accumulation, and study its implications for the evolution of the U.S. wage distribution from 1970 to 2000. The key feature of the model, and the only source of heterogeneity, is that individuals differ in their ability to accumulate human capital. Therefore, wage inequality results only from differences in human capital accumulation. We examine the response of this model to skill-biased technical change (SBTC) theoretically. We show that in response to SBTC, the model generates behavior consistent with several features of the U.S. data including (i) a rise in overall wage inequality both in the short run and long run, (ii) an initial fall in the education premium followed by a strong recovery, leading to a higher premium in the long run, (iii) the fact that most of this fall and rise takes place among younger workers, (iv) a rise in within-group inequality, (v) stagnation in median wage growth (and a slowdown in aggregate labor productivity), and (vi) a rise in consumption inequality that is much smaller than the rise in wage inequality. These results suggest that the heterogeneity in the ability to accumulate human capital is an important feature for understanding the effects of SBTC, and interpreting the transformation that the U.S. economy has gone through since the 1970's. Kuruşçu, Burhanettin 1974- Verfasser (DE-588)129600164 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 13096 (DE-604)BV002801238 13096 http://papers.nber.org/papers/w13096.pdf kostenfrei Volltext |
| spellingShingle | Guvenen, Fatih 1973- Kuruşçu, Burhanettin 1974- Understanding the evolution of the US wage distribution a theoretical analysis |
| title | Understanding the evolution of the US wage distribution a theoretical analysis |
| title_auth | Understanding the evolution of the US wage distribution a theoretical analysis |
| title_exact_search | Understanding the evolution of the US wage distribution a theoretical analysis |
| title_full | Understanding the evolution of the US wage distribution a theoretical analysis Fatih Guvenen ; Burhanettin Kuruscu |
| title_fullStr | Understanding the evolution of the US wage distribution a theoretical analysis Fatih Guvenen ; Burhanettin Kuruscu |
| title_full_unstemmed | Understanding the evolution of the US wage distribution a theoretical analysis Fatih Guvenen ; Burhanettin Kuruscu |
| title_short | Understanding the evolution of the US wage distribution |
| title_sort | understanding the evolution of the us wage distribution a theoretical analysis |
| title_sub | a theoretical analysis |
| url | http://papers.nber.org/papers/w13096.pdf |
| volume_link | (DE-604)BV002801238 |
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