全球智库信息集成服务系统(G2TT): DP1896 The Impact of Exchange Rate Uncertainty on the Level of Investment

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP1896
	DP1896 The Impact of Exchange Rate Uncertainty on the Level of Investment
	Andrew Hughes Hallett; Jonathan Ireland; Julia Darby; Laura Piscitelli
发表日期	1998-05-31
出版年	1998
语种	英语
摘要	The Fair Labour Standards Act (FLSA), impose restriction on working hours and the type of jobs held by minors at ages below 18. Hours worked in the National Longitudinal Survey of Youth (NLSY) sample increased monotonically from 2.5 for the 14-year-olds to 16.2 for the 18-year-olds, and among those who worked positive hours, it increased from 8.9 to 24.5. This evidence is, de facto, in compliance with the FLSA regulations on weekly hours. The aim of this paper is to assess one of the underlying premises for the legislation, namely that working while attending high school could adversely affect school performance. We formulate and estimate an explicit sequential decision model of high school attendance and work that captures in a stylized fashion the important institutional features of high school grade progression. Individuals accumulate credits (courses) towards graduation depending on the individual?s history of performance (knowledge acquisition), the level of participation in the labour market (hours worked) and their known (to them) ability and motivation. The labour market (randomly) offers wages for part-time and full-time employment that depend also on some inherent skill ?endowment? and labour market experience. The value of attending high school consists of both the perceived investment pay-off to graduation and on a current consumption value which is random. We simplify the model by assuming that a terminal condition for decisions during the high school period and its value can be estimated as an additional parameter of the model. Our results indicate that a policy that forced youths to remain in high school for five years or until they graduate, whichever comes first, without working would increase the number of high school graduates by slightly more than 2 percentage points (from 82% to 84.1%).
关键词	Academic performance Employment Heterogeneity High school Maximum likelihood
URL	https://cepr.org/publications/dp1896
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/531030
推荐引用方式 GB/T 7714	Andrew Hughes Hallett,Jonathan Ireland,Julia Darby,et al. DP1896 The Impact of Exchange Rate Uncertainty on the Level of Investment. 1998.