TY  - UNPD
A1  - Hendricks, Lutz
T1  - Accounting for changing returns to experience
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 558
N2  - Returns to experience for U.S. workers have changed over the post-war period. This paper argues that a simple model goes a long way towards replicating these changes. The model features three well-known ingredients: (i) an aggregate production function with constant skill-biased technical change; (ii) cohort qualities that vary with average years of schooling; and crucially (iii) time-invariant age-efficiency profiles. The model quantitatively accounts for changes in longitudinal and cross-sectional returns to experience, as well as the differential evolution of the college wage premium for young and old workers.
T3  - CFS working paper series - 558 
KW  - Returns to experience
KW  - College wage premium
Y1  - 2016
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/42076
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-420766
UR  - https://ssrn.com/abstract=2869179
IS  - December 14, 2015
PB  - Center for Financial Studies
CY  - Frankfurt, M.
ER  -