Human capital, aggregate shocks, and panel data estimation
AbstractThis paper analyses how the wage and employment decisions of females are affected by past workforce participation and hours supplied. Our estimation methods exploit the fact that, when markets are complete, the Lagrange multiplier for an agent’s lifetime budget constraint always enters multiplicatively with the prices of (contingent claims to) consumption and leisure. Depending on the properties of the equilibrium price process, it is thus possible to predict the behavior of a wealthy agent by observing that of a poorer person living in a more prosperous world. This provides the key to estimating, nonparametrically, the expectations that enter the calculus of equilibrium decisionmaking, and ultimately the structural parameters which characterize preferences.
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Bibliographic InfoPaper provided by Federal Reserve Bank of Minneapolis in its series Discussion Paper / Institute for Empirical Macroeconomics with number 47.
Date of creation: 1990
Date of revision:
Other versions of this item:
- Altug, S. & Miller, R.A., 1991. "Human Capital, Aggregate Shocks and Panel Data Estimation," Papers 9128, Tilburg - Center for Economic Research.
- Altug, S. & Miller, R.A., 1991. "Human Capital, Aggregate Shocks and Panel Data Estimation," University of Chicago - Economics Research Center 91-1, Chicago - Economics Research Center.
- Altug, S. & Miller, R.A., 1991. "Human capital, aggregate shocks and panel data estimation," Discussion Paper 1991-28, Tilburg University, Center for Economic Research.
- Altug, S. & Miller, R.A., 1991. "Human Capital , Aggregate Shocks and Panel Data Estimation," GSIA Working Papers 1991-25, Carnegie Mellon University, Tepper School of Business.
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