| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14870 |
| DP14870 The Rise of US Earnings Inequality: Does the Cycle Drive the Trend? | |
| Jonathan Heathcote; fabrizio perri; Giovanni L. Violante | |
| 发表日期 | 2020-06-10 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We document that declining hours worked are the primary driver of widening inequality in the bottom half of the male labor earnings distribution in the United States over the past 52 years. This decline in hours is heavily concentrated in recessions: hours and earnings at the bottom fall sharply in recessions and do not fully recover in subsequent expansions. Motivated by this evidence, we build a structural model to explore the possibility that recessions cause persistent increases in inequality; that is, that the cycle drives the trend. The model features skill-biased technical change, which implies a trend decline in low-skill wages relative to the value of non-market activities. With this adverse trend in the background, recessions imply a potential double-whammy for low skilled men. This group is disproportionately likely to experience unemployment, which further reduces skills and potential earnings via a scarring effect. As unemployed low skilled men give up job search, recessions generate surges in non-participation. Because non-participation is highly persistent, earnings inequality remains elevated long after the recession ends. |
| 主题 | Labour Economics ; Macroeconomics and Growth |
| 关键词 | Earnings losses upon displacement Non participation Recession Skill biased technological change Zero earnings |
| URL | https://cepr.org/publications/dp14870 |
| 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/543808 |
| 推荐引用方式 GB/T 7714 | Jonathan Heathcote,fabrizio perri,Giovanni L. Violante. DP14870 The Rise of US Earnings Inequality: Does the Cycle Drive the Trend?. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
