Accounting for changing returns to experience
- 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.
Author: | Lutz Hendricks |
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URN: | urn:nbn:de:hebis:30:3-420766 |
URL: | https://ssrn.com/abstract=2869179 |
Parent Title (English): | Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 558 |
Series (Serial Number): | CFS working paper series (558) |
Publisher: | Center for Financial Studies |
Place of publication: | Frankfurt, M. |
Document Type: | Working Paper |
Language: | English |
Date of Publication (online): | 2016/11/15 |
Year of first Publication: | 2016 |
Publishing Institution: | Universitätsbibliothek Johann Christian Senckenberg |
Release Date: | 2016/11/15 |
Tag: | College wage premium; Returns to experience |
Issue: | December 14, 2015 |
Page Number: | 30 |
HeBIS-PPN: | 396765491 |
Institutes: | Wirtschaftswissenschaften / Wirtschaftswissenschaften |
Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS) | |
Dewey Decimal Classification: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
Sammlungen: | Universitätspublikationen |
Licence (German): | Deutsches Urheberrecht |