| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w25801
|
| 来源ID | Working Paper 25801
|
| Assets and Job Choice: Student Debt, Wages and Amenities |
| Mi Luo; Simon Mongey
|
| 发表日期 | 2019-05-06
|
| 出版年 | 2019
|
| 语种 | 英语
|
| 摘要 | If consumption and non-wage amenities of work enter utility, holding few assets may induce a trade-off between wages and amenities when searching for a job. We establish this in a model of search with asset accumulation, extended to accommodate amenities. We then provide empirical evidence of this trade-off in the context of student debt, finding that higher debt causes graduates to accept jobs with higher wages and lower job satisfaction. In a representative sample of college graduates, we infer causality by exploiting within-college, across cohort changes in financial aid. A quantitative extension of our theoretical framework that explicitly models student debt accounts well for our empirical results. Identifying the utility value of amenities through observed search behavior, we find that high satisfaction jobs are valued at 6 percent of lifetime consumption relative to low satisfaction jobs. This trade-off is economically significant; a policy maker using only wage data to assess the welfare effects of with an income-based repayment policy would mistakenly conclude that graduates prefer a fixed repayment policy. |
| 主题 | Macroeconomics
; Consumption and Investment
; Labor Economics
; Labor Compensation
|
| URL | https://www.nber.org/papers/w25801
|
| 来源智库 | National Bureau of Economic Research (United States)
|
| 引用统计 |
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583474
|
推荐引用方式
GB/T 7714 |
Mi Luo,Simon Mongey. Assets and Job Choice: Student Debt, Wages and Amenities. 2019.
|
|
文件名：
|
w25801.pdf
|
|
格式：
|
Adobe PDF
|
此文件暂不支持浏览
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。
