| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6813 |
| DP6813 Monetary Aggregates and Liquidity in a Neo-Wicksellian Framework | |
| Matthew B Canzoneri; Robert Cumby; Behzad Diba; J David López-Salido | |
| 发表日期 | 2008-05-25 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | We propose a new test for the presence of job-market signalling in the sense of Spence (1973), based on an equation in which log-wages are explained by two endogenous variables: the student's degree and the student's time to degree, not simply by years of education. Log-wages are regressed on a measure of education, which is a position on a scale of certificates and degrees, and a measure of the student delay, defined as the difference between the individual's school-leaving age and the average school-leaving age of students holding the same certificate or degree. We use past school-opening instruments, and distance-to-the-nearest-college, also measured in the past, when students were entering grade 6, to identify the parameters. We find a robust, significant and negative impact of the delay variable on wages, averaged over the first five years of career. A year of delay causes a 9% decrease of the student's wage. The only reasonable explanation for this effect is the fact that longer delays signal unobserved characteristics with a negative productivity value. We finally estimate a nonlinear model of education choices and cannot reject the assumption that the data is generated by a job-market signalling equilibrium. |
| 主题 | Labour Economics ; Public Economics |
| 关键词 | Grade repetitions Returns to education Signalling Time to degree Wages |
| URL | https://cepr.org/publications/dp6813 |
| 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/535667 |
| 推荐引用方式 GB/T 7714 | Matthew B Canzoneri,Robert Cumby,Behzad Diba,et al. DP6813 Monetary Aggregates and Liquidity in a Neo-Wicksellian Framework. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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