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A Dynamic Equilibrium Model of the US Wage Structure, 1968–1996

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  • Matthew Johnson
  • Michael P. Keane

Abstract

We develop an equilibrium model of the US labor market, fit to Panel Study of Income Dynamics data from 1968–96. Our main innovation is a finer differentiation of types of labor than in prior work (i.e., by occupation, education, gender, and age). This lets us fit wage and employment patterns better than simpler models. We obtain a good fit to wages and occupational choices over the 29-year period while also explaining college attendance rates. We use the model to assess factors driving changes in the wage structure. Occupational demand shifts and shifts in demand for college labor and female labor within occupations are key factors.

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File URL: http://www.jstor.org/stable/pdfplus/10.1086/666698
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File URL: http://www.jstor.org/stable/full/10.1086/666698
Download Restriction: Access to the online full text or PDF requires a subscription.

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Bibliographic Info

Article provided by University of Chicago Press in its journal Journal of Labor Economics.

Volume (Year): 31 (2013)
Issue (Month): 1 ()
Pages: 1 - 49

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Handle: RePEc:ucp:jlabec:doi:10.1086/666698

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Web page: http://www.journals.uchicago.edu/JOLE/

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Cited by:
  1. Christian BELZIL & Marco LEONARDI, 2013. "Risk Aversion and Schooling Decisions," Annales d'Economie et de Statistique, ENSAE, issue 111-112, pages 3.
  2. Brant Abbott & Giovanni Gallipoli & Costas Meghir & Gianluca Violante, 2013. "Education Policy and Intergenerational Transfers in Equilibrium," Working Papers 2013-010, Human Capital and Economic Opportunity Working Group.
  3. Audra J. Bowlus & Chris Robinson, 2012. "Human Capital Prices, Productivity, and Growth," American Economic Review, American Economic Association, vol. 102(7), pages 3483-3515, December.
  4. Gianluca Violante & Giovanni Gallipoli & Costas Meghir, 2005. "Education Decisions, Equilibrium Policies and Wages Dispersion," 2005 Meeting Papers 522, Society for Economic Dynamics.
  5. Claudia Olivetti & Barbara Petrongolo, . "Gender gaps across countries and skills: Demand, supply and the industry structure," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics.

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