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Working Paper
Firms as Learning Environments: Implications for Earnings Dynamics and Job Search
Gregory, Victoria (2020-08-14)
This paper demonstrates that heterogeneity in firms’ promotion of human capital accumulation is an important determinant of life-cycle earnings inequality. I use administrative micro data from Germany to show that different establishments offer systematically different earnings growth rates for their workers. This observation suggests that that the increase in inequality over the life cycle reflects not only inherent worker variation, but also differences in the firms that workers happen to match with over their lifetimes. To quantify this channel, I develop a life-cycle search model with ...
Working Papers , Paper 2020-036

Working Paper
The Impact of Racial Segregation on College Attainment in Spatial Equilibrium
Gregory, Victoria; Kozlowski, Julian; Rubinton, Hannah (2023-07-13)
We incorporate race into an overlapping-generations spatial-equilibrium model with neighborhood spillovers. The model incorporates race in three ways: (i) a Black-White wage gap, (ii) an amenity externality---households care about the racial composition of their neighbors---and (iii) an additional barrier to moving for Black households. These forces quantitatively account for all of the racial segregation and 80% of the Black-White gap in college attainment in the data for the St. Louis metro area. Counterfactual exercises show that all three forces are quantitatively important. The presence ...
Working Papers , Paper 2022-036

Journal Article
Why Are Life-Cycle Earnings Profiles Getting Flatter?
Vandenbroucke, Guillaume; Ravikumar, B. (2017)
The authors present a simple, two-period model of human capital accumulation on the job and through college attainment. They use a calibrated version of the model to explain the observed flattening of the life-cycle earnings profiles of two cohorts of workers. The model accounts for more than 55 percent of the observed flattening for high school-educated and for college-educated workers. Two channels generate the flattening in the model: selection (or higher college attainment) and a higher skill price for the more recent cohort. Absent selection, the model would have accounted for no ...
Review , Volume 99 , Issue 3 , Pages 245-57

Working Paper
Human Capital Risk, Contract Enforcement, and the Macroeconomy
Krebs, Tom; Wright, Mark L. J.; Kuhn, Moritz (2014-10-22)
We use data from the Survey of Consumer Finance and Survey of Income Program Participation to show that young households with children are under-insured against the risk that an adult member of the household dies. We develop a tractable macroeconomic model with human capital risk, age-dependent returns to human capital investment, and endogenous borrowing constraints due to the limited pledgeability of human capital (limited contract enforcement). We show analytically that, consistent with the life insurance data, in equilibrium young households are borrowing constrained and under-insured ...
Working Paper Series , Paper WP-2014-9

Working Paper
Comparative Advantage and Moonlighting
Fuller, David L.; Vandenbroucke, Guillaume; Auray, Stéphane (2021-08)
We document three facts: (i) Higher educated workers are more likely to moonlight; (ii) conditional on education, workers with higher wages are less likely to moonlight; and (iii) the prevalence of moonlighting is declining over time for all education groups. We develop an equilibrium model of the labor market to explain these patterns. A dominating income effect explains the negative correlation of moonlighting with productivity in the cross section and the downward trend over time. A higher part-to-full time pay differential for skilled workers (a comparative advantage) explains the ...
Working Papers , Paper 2019-016

Working Paper
Firm Heterogeneity and the Impact of Immigration: Evidence from German Establishments
Brinatti, Agostina; Morales, Nicolas (2021-12)
We use a detailed establishment-level dataset from Germany to document a new dimension of ﬁrm heterogeneity: large ﬁrms spend a higher share of their wage bill on immigrants than small ﬁrms. We show analytically that ignoring this heterogeneity in the immigrant share leads to biased estimates of the welfare gains from immigration. To do so, we set up and estimate a model where heterogeneous ﬁrms choose their immigrant share and then use it to quantify the welfare effects of an increase in the number of immigrants in Germany. Two new adjustment mechanisms arise under ﬁrm ...
Working Paper , Paper 21-16

Report
Miss-Allocation: The Value of Workplace Gender Composition and Occupational Segregation
Schuh, Rachel (2024-03-01)
I analyze the value workers ascribe to the gender composition of their workplace and the consequences of these valuations for occupational segregation, tipping, and welfare. To elicit these valuations, I survey 9,000 U.S. adults using a hypothetical job choice experiment. This reveals that on average women and men value gender diversity, but these average preferences mask substantial heterogeneity. Older female workers are more likely to value gender homophily. This suggests that gender norms and discrimination, which have declined over time, may help explain some women’s desire for ...
Staff Reports , Paper 1092

Working Paper
Taxing top earners: a human capital perspective
Badel, Alejandro; Huggett, Mark (2014-07-23)
We assess the consequences of substantially increasing the marginal tax rate on U.S. top earners using a human capital model. The top of the model Laffer curve occurs at a 53 percent top tax rate. Tax revenues and the tax rate at the top of the Laffer curve are smaller compared to an otherwise similar model that ignores the possibility of skill change in response to a tax reform. We also show that if one applies the methods used by Diamond and Saez (2011) to provide quantitative guidance for setting the tax rate on top earners to model data then the resulting tax rate exceeds the tax rate at ...
Working Papers , Paper 2014-17

Journal Article
The causes and consequences of Puerto Rico's declining population
Abel, Jaison R.; Deitz, Richard (2014)
Puerto Rico?s population has been falling for nearly a decade, and the pace of decline has accelerated in recent years. Although a slowdown in the island?s birthrate has contributed to this decline, a surge in the out-migration of its citizens has been a more important factor. The exodus?which includes a large share of younger people?has hastened population aging, but it has not necessarily led to a ?brain drain.? To counter its population loss, Puerto Rico must not only adopt measures to shore up its economy and expand job opportunities, but also enact fiscal reforms and improve the island?s ...
Current Issues in Economics and Finance , Volume 20

Working Paper
The Allocation of Immigrant Talent: Macroeconomic Implications for the U.S. and Across Countries
Birinci, Serdar; See, Kurt; Leibovici, Fernando (2022-06)
We quantify the barriers to the economic integration of immigrants using an occupational choice model with natives and immigrants of multiple types subject to wedges that distort their allocations. We show that key parameters, including wedges, can be estimated to match the distribution of employment and earnings across individuals and occupations. We find sizable output gains from removing immigrant wedges in the U.S., accounting for 7 percent of immigrants’ overall economic contribution. These gains arise from increased labor force participation and from reallocation from manual toward ...
Working Papers , Paper 2021-004

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