资源描述:
《The Macroeconomic Implications of Rising Wage Inequality in the United States The Macroeconomic Implications of Rising Wage Inequality in the United States .》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、TheMacroeconomicImplicationsofRisingWageInequalityintheUnitedStates*JonathanHeathcoteFederalReserveBankofMinneapolisandCEPRKjetilStoreslettenFederalReserveBankofMinneapolis,UniversityofOslo,andCEPRGiovanniL.ViolanteNewYorkUniversity,CEPR,andNBER*Wearegratefult
2、oOrazioAttanasio,DirkKrueger,andFabrizioPerriforhelpwiththeCEXdata,andtoGregKaplanforoutstandingresearchassistance.HeathcoteandViolantethanktheNationalScienceFoundation(GrantSEP-0418029).StoreslettenthanksESOP,supportedbytheResearchCouncilofNorway.Theopinionse
3、xpressedhereinarethoseoftheauthorsandnotnecessarilythoseoftheFederalReserveBankofMinneapolisortheFederalReserveSystem.AbstractInrecentdecades,Americanworkershavefacedarisingcollegepremium,anarrowinggendergap,andincreasingwagevolatility.Thispaperexploresthequan
4、titativeandwelfareimpli-cationsofthesechanges.Theframeworkisanincomplete-marketslife-cyclemodelinwhichindividualschooseeducation,intra-familytimeallocation,andsavings.GiventheobservedhistoryoftheUSwagestructure,themodelreplicateskeytrendsincross-sectionalinequ
5、alityinhoursworked,earningsandconsumption.Recentcohortsenjoywelfaregains,onaverage,ashigherrelativewagesforcollege-graduatesandforwomentranslateintohighereducationalattainmentandamoreevendivisionoflaborwithinthehousehold.21IntroductionThestructureofrelativewag
6、esintheUSeconomyhasundergoneamajortransformationinthelastthreedecades.Wagedifferentialsbetweencollegegraduatesandhighschoolgraduatesdroppedinthe1970s,buthaverisensharplysincethen(KatzandAutor,1999).Thewagegapbetweenmenandwomenhasshrunksignificantly(Goldin,2006).
7、Withinnarrowgroupsofworkersdefinedbyeducation,gender,andage,thedistributionofwageshasbecomemuchmoredispersed(Juhn,Murphy,andPierce,1993).Thisincreaseinresidualwagedispersionreflectsincreasingvolatilityinbothpersistentandtransitoryshocks(GottschalkandMoffitt,1994).
8、Overall,theUSwagestructurehasbecomemoreunequal.Whataretheimplicationsofthisriseinwageinequalityforthemacroeconomyandforhouseholdwelfare?Risingvolatilitymaybeexpectedtoreducewelfare