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Working Paper
Hours Worked and Lifetime Earnings Inequality
Bick, Alexander; Rogerson, Richard; Blandin, Adam (2024-09-16)
We document large differences in lifetime hours of work using data from the NLSY79 and argue that these differences are an important source of inequality in lifetime earnings. To establish this we develop and calibrate a rich heterogeneous agent model of labor supply and human capital accumulation that allows for heterogeneity in preferences for work, initial human capital and learning ability, as well as idiosyncratic shocks to human capital throughout the life-cycle. Our calibrated model implies that almost 20 percent of the variance in lifetime earnings is accounted for by differences in ...
Working Papers , Paper 2024-024

Newsletter
What Does Everything Besides the Unemployment Rate Tell Us About Labor Market Tightness?
Bognar, Levi; Faberman, R. Jason; Kepner, Elizabeth; LaGuardia, Emma (2023-12)
Between March 2022 and June 2023, the unemployment rate, the most commonly used gauge of labor market tightness, remained in a narrow range between 3.4% and 3.7%. Yet, over this period, nominal wage growth increased to unusually high levels and then moderated, though it remains at a historically high rate. The disparity between a relatively constant unemployment rate and large movements in nominal wage growth has led to a divide in public discourse, with some seeing low unemployment and strong wage growth as a sufficient sign of the strength of the labor market and others concerned that the ...
Chicago Fed Letter , Volume no 491 , Pages 7

Working Paper
Determinants of long-run labor productivity growth: a selective survey with some new empirical results
Spiegel, Mark M. (1994)
Using cross-country data, we review the empirical evidence concerning long-term labor and total factor productivity growth. We find that the conclusions one can draw from cross-country data are surprisingly modest. Nevertheless, we confirm the crucial role for physical capital accumulation in enhancing labor productivity growth and develop a role for human capital in an endogenous growth framework. We also find that the performances of so-called "ancillary variables" are rather insignificant in the presence of proxies for physical and human capital stocks.
Working Papers in Applied Economic Theory , Paper 94-17

Speech
Regional economy and manufacturing update
Dudley, William (2010)
Remarks at the Quarterly Regional Economic Press Briefing, New York City.
Speech , Paper 28

Working Paper
Neighborhood dynamics and the distribution of opportunity
Aliprantis, Dionissi; Carroll, Daniel R. (2012)
This paper uses an overlapping-generations dynamic general equilibrium model of residential sorting and intergenerational human capital accumulation to investigate effects of neighborhood externalities. In the model, households choose where to live and how much to invest toward the production of their child?s human capital. The return on the parent?s investment is determined in part by the child?s ability and in part by an externality from the average human capital in their neighborhood. We use the model to test a prominent hypothesis about the concentration of poverty within ...
Working Papers (Old Series) , Paper 1212

Journal Article
Explaining the growing inequality in wages across skill levels
Hickok, Susan; Brauer, David A. (1995-01)
This article investigates two prominent explanations--technology and trade--for growing wage inequality by educational attainment. The analysis indicates a prominent role for technological improvements and a modest but still significant role for increased competition from imports.
Economic Policy Review , Issue Jan , Pages 61-75

Working Paper
The Evolution of Lifetime Hours and the Gender Wage Gap
Leukhina, Oksana; Vandenbroucke, Guillaume (2023-09)
The gender wage gap decreased (opened) from 1940 to 1975 and then increased (closed) until 2010. We use the model introduced in Ben-Porath (1967) to assess the role of gender differences in life cycle profiles of market time in explaining this dynamics. Men's profiles changed little across cohorts, but women's profiles converged to that of men implying, eventually, stronger incentives for women to accumulate human capital. We calibrate the model and find that (1) The 1940-75 decrease of the gap was because men valued human capital more than women due to their working more. The 1975-10 ...
Working Papers , Paper 2022-025

Working Paper
Do localization economies derive from human capital externalities?
Wheeler, Christopher H. (2005)
One of the most robust findings emerging from studies of industrial agglomeration is the rise in productivity that tends to accompany it. What most studies have not addressed, however, is the potential role played by human capital externalities in driving this relationship. This paper seeks to do so using data from the 1980, 1990, and 2000 US Census covering a collection of 77 (primarily) 3-digit manufacturing industries across a sample of more than 200 metropolitan areas. The analysis generates two primary results. First, a variety of education- and experience-based measures of average human ...
Working Papers , Paper 2005-015

Working Paper
Alternatives in human capital accumulation: implications for economic growth
Owen, Ann L.; Iyigun, Murat F. (1996)
This paper demonstrates that considering alternative means of human capital accumulation, such as learning-by-doing, overturns the presumption that formal education is unconditionally beneficial for economic growth. It analyzes a model in which the average level of human capital creates externalities in future human capital accumulation and individuals can augment their human capital with work experience or education. The model shows that in the early stages of development, education enhances growth by creating a positive externality, and, in later stages, it may depress growth by leading to ...
International Finance Discussion Papers , Paper 550

Working Paper
Natural Resources and Global Misallocation
Santaeulalia-Llopis, Raul; Monge-Naranjo, Alexander; Sanchez, Juan M. (2015-07-07)
We explore the efficiency in the allocation of physical capital and human capital across countries. The observed marginal products can differ across countries because of differences in technology (i.e. production functions) and in distortions (i.e. differences in use of factors) across countries. To identify differences in technology, we use new data and propose a simple method to estimate output shares of natural resources, and thus adjust the estimated marginal products of physical and human capital. With a sample of 79 countries from 1970 to 2005, we find that the world has decidedly moved ...
Working Papers , Paper 2015-13

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