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来源类型Working Paper
规范类型报告
DOI10.3386/w24220
来源IDWorking Paper 24220
Wage Dynamics and Returns to Unobserved Skill
Lance Lochner; Youngmin Park; Youngki Shin
发表日期2018-01-22
出版年2018
语种英语
摘要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.
主题Labor Economics ; Labor Supply and Demand ; Labor Compensation
URLhttps://www.nber.org/papers/w24220
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/581893
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GB/T 7714
Lance Lochner,Youngmin Park,Youngki Shin. Wage Dynamics and Returns to Unobserved Skill. 2018.
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