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Wages and Ageing: Is There Evidence for the 'Inverse-U' Profile?

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  • Michał Myck

Abstract

How individual wages change with time is one of the crucial determinants of labour market decisions including the timing of retirement. The focus of this paper is the relationship between age and wages with special attention given to individuals nearing retirement. The analysis is presented in a comparative context for Britain and Germany looking at two longitudinal data sets (BHPS and SOEP, respectively) for the years 1995-2004. We show the importance of cohort effects and selection out of employment which determine the downward-sloping part of the 'inverse-U' profile observed in cross-sections. There is little evidence that wages fall with age. Copyright (c) Blackwell Publishing Ltd and the Department of Economics, University of Oxford, 2010.

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Article provided by Department of Economics, University of Oxford in its journal Oxford Bulletin of Economics and Statistics.

Volume (Year): 72 (2010)
Issue (Month): 3 (06)
Pages: 282-306

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Handle: RePEc:bla:obuest:v:72:y:2010:i:3:p:282-306

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  1. Richard Blundell & Howard Reed & Thomas M. Stoker, 2003. "Interpreting Aggregate Wage Growth: The Role of Labor Market Participation," American Economic Review, American Economic Association, vol. 93(4), pages 1114-1131, September.
  2. Peter Haan & Viktor Steiner, 2006. "Making Work Pay for the Elderly Unemployed: Evaluating Alternative Policy Reforms for Germany," Discussion Papers of DIW Berlin 641, DIW Berlin, German Institute for Economic Research.
  3. Bernhard Boockmann & Viktor Steiner, 2006. "Cohort effects and the returns to education in West Germany," Applied Economics, Taylor & Francis Journals, vol. 38(10), pages 1135-1152.
  4. Richard Blundell & Alan Duncan, 1998. "Kernel Regression in Empirical Microeconomics," Journal of Human Resources, University of Wisconsin Press, vol. 33(1), pages 62-87.
  5. James Banks, 2006. "Economic capabilities, choices and outcomes at older ages," Fiscal Studies, Institute for Fiscal Studies, vol. 27(3), pages 281-311, August.
  6. Greene, William H, 1981. "Sample Selection Bias as a Specification Error: Comment," Econometrica, Econometric Society, vol. 49(3), pages 795-98, May.
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Cited by:
  1. Mikk Medijainen, 2010. "Generational Accounting As A Tool To Evaluate The Fiscal Sustainability Of Estonia," University of Tartu - Faculty of Economics and Business Administration Working Paper Series 74, Faculty of Economics and Business Administration, University of Tartu (Estonia).
  2. V. Vandenberghe, 2011. "Boosting the Employment Rate of Older Men and Women," De Economist, Springer, vol. 159(2), pages 159-191, June.
  3. Christian Dudel, 2009. "The Demographic Dilemma: Fertility, Female Labor Force Participation and Future Growth in Germany 2007-2060," SOEPpapers on Multidisciplinary Panel Data Research 158, DIW Berlin, The German Socio-Economic Panel (SOEP).
  4. Carsten Schröder, 2012. "The sensitivity of distributional measures to the reference period of income," Kiel Working Papers 1777, Kiel Institute for the World Economy.

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