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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
The poor, the rich and the enforcer: institutional choice and growth
Quintin, Erwan; Koeppl, Thorsten; Monnet, Cyril (2008)
We study economies where improving the quality of institutions ? modeled as improving contract enforcement ? requires resources, but enables trade that raises output by reducing the dispersion of marginal products of capital. We find that in this type of environment it is optimal to combine institutional building with endowment redistribution, and that more ex-ante dispersion in marginal products increases the incentives to invest in enforcement. In addition, we show that institutional investments lead over time to a progressive reduction in inequality. Finally, the framework we describe ...
Working Papers , Paper 0801

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

Working Paper
Why the Apple Doesn't Fall Far: Understanding Intergenerational Transmission of Human Capital
Devereux, Paul; Salvanes, Kjell; Black, Sandra E. (2004-07-01)
Parents with higher education levels have children with higher education levels. However, is this because parental education actually changes the outcomes of children, suggesting an important spillover of education policies, or is it merely that more able individuals who have higher education also have more able children? This paper proposes to answer this question with a unique data set from Norway. Using the reform of the education system that was implemented in different municipalities at different times in the 1960s as an instrument for parental education, we find little evidence of a ...
Working Paper Series , Paper 2004-12

Working Paper
Taxing Capital? The Importance of How Human Capital is Accumulated
Peterman, William B. (2015-12-29)
This paper considers the impact of how human capital is accumulated on optimal capital tax policy in a life cycle model. In particular, it compares the optimal capital tax when human capital is accumulated exogenously, endogenously through learning-by-doing, and endogenously through learning-or-doing. Previous work demonstrates that in a simple two generation life cycle model with exogenous human capital accumulation, if the utility function is separable and homothetic in each consumption and labor, then the government has no motive to condition taxes on age or tax capital. In contrast, this ...
Finance and Economics Discussion Series , Paper 2015-117

Discussion Paper
What Works at Scale? A Framework to Scale Up Workforce Development Programs
Ruder, Alexander (2019-06-01)
Workforce development policymakers have access to a growing catalog of training programs evaluated with rigorous randomized controlled trials. This evidence base identifies programs that work in specific geographic and temporal contexts but may not necessarily work in other contexts or at a scale sufficient to meet regional workforce needs. The author examines a sample of recent randomized controlled trials of workforce development programs and reports to what extent this body of evidence informs policymakers about what works at scale. The author finds that most programs are implemented at a ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2019-01

Discussion Paper
College May Not Pay Off for Everyone
Abel, Jaison R.; Deitz, Richard (2014-09-04)
In our recent Current Issues article and blog post on the value of a college degree, we showed that the economic benefits of a bachelor’s degree still far outweigh the costs. However, this does not mean that college is a good investment for everyone. Our work, like the work of many others who come to a similar conclusion, is based in large part on the empirical observation that the average wages of college graduates are significantly higher than the average wages of those with only a high school diploma. However, not all college students come from Lake Wobegon, where “all of the children ...
Liberty Street Economics , Paper 20140904b

Discussion Paper
Benefits Cliffs as a Barrier to Career Advancement for Low-Income Adults: Insights from Employment Services Providers
Ruder, Alexander; Siwicki, Julie; Terry, Ellyn; Toyin-Adelaja, Tamilore (2020-03-01)
How do employment service providers explain benefits cliffs to clients who want to advance in their careers? To answer this question, the authors conducted three focus groups with a range of employment service providers. Focus group participants report that counselors and clients struggle to manage benefits loss because of a lack of clarity on program rules and difficulty finding appropriate jobs that pay enough to outweigh the loss of benefits. When advising clients about career advancement, counselors use a range of intake processes to determine clients’ immediate needs and assess their ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2020-02

Working Paper
The Baby Boomers and the Productivity Slowdown
Vandenbroucke, Guillaume (2018-12-01)
The entry of baby boomers into the labor market in the 1970s slowed growth for physical and human capital per worker because young workers have little of both. Thus, the baby boom could have contributed to the 1970s productivity slowdown. I build and calibrate a model a la Huggett et al. (2011) with exogenous population and TFP to evaluate this theory. The baby boom accounts for 75% of the slowdown in the period 1964-69, 25% in 1970-74 and 2% in 1975-79. The retiring of baby boomers may cause a 2.8pp decline in productivity growth between 2020 and 2040, ceteris paribus.
Working Papers , Paper 2018-37

Journal Article
Research Spotlight: Assessing Unemployment Insurance
Merone, Brennan (2023-12)
Unemployment insurance (UI) programs assist unemployed workers but can also reduce their incentive to search for a new job. This trade-off has led to multiple studies about whether the benefits of UI programs outweigh the costs. Most microeconomic analyses of these programs have determined that these programs do benefit society. In contrast, many macroeconomic analyses disagree, noting that unemployment benefits often tend to reduce production, reduce private savings, and increase prices. Recent research by Richmond Fed economist Nicholas Trachter, along with Facundo Piguillem of the Einaudi ...
Econ Focus , Volume 23 , Issue 4Q , Pages 12

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