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 agentâs 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 Chicago - Economics Research Center in its series University of Chicago - Economics Research Center with number 91-1.
Length: 47 pages
Date of creation: 1991
Date of revision:
Contact details of provider:
Postal: UNIVERSITY OF CHICAGO, ECONOMICS RESEARCH CENTER, NORC, CHICAGO ILLINOIS 60637 U.S.A.
Web page: http://economics.uchicago.edu/research.shtml
More information through EDIRC
labour market ; women ; decision making ; wages;
Other versions of this item:
- 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.
- Sumru Altug & Robert A. Miller, 1990. "Human capital, aggregate shocks, and panel data estimation," Discussion Paper / Institute for Empirical Macroeconomics 47, Federal Reserve Bank of Minneapolis.
- Altug, S. & Miller, R.A., 1991. "Human Capital, Aggregate Shocks and Panel Data Estimation," Papers 9128, Tilburg - Center for Economic Research.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Jacob Mincer & Solomon Polacheck, 1974. "Family Investments in Human Capital: Earnings of Women," NBER Chapters, in: Economics of the Family: Marriage, Children, and Human Capital, pages 397-431 National Bureau of Economic Research, Inc.
- Polachek, Solomon William, 1975. "Differences in Expected Post-school Investments as a Determinant of Market Wage Differentials," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 16(2), pages 451-70, June.
- Jacob Mincer & Solomon Polachek, 1974.
"Family Investments in Human Capital: Earnings of Women,"
in: Marriage, Family, Human Capital, and Fertility, pages 76-110
National Bureau of Economic Research, Inc.
- Mincer, Jacob & Polachek, Solomon, 1974. "Family Investment in Human Capital: Earnings of Women," Journal of Political Economy, University of Chicago Press, vol. 82(2), pages S76-S108, Part II, .
- Mary Corcoran & Greg J. Duncan, 1979. "Work History, Labor Force Attachment, and Earnings Differences between the Races and Sexes," Journal of Human Resources, University of Wisconsin Press, vol. 14(1), pages 3-20.
- Chamberlain, Gary, 1982. "Multivariate regression models for panel data," Journal of Econometrics, Elsevier, vol. 18(1), pages 5-46, January.
- Shaw, Kathryn L, 1989. "Life-Cycle Labor Supply with Human Capital Accumulation," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 30(2), pages 431-56, May.
- Polachek, Solomon William, 1981. "Occupational Self-Selection: A Human Capital Approach to Sex Differences in Occupational Structure," The Review of Economics and Statistics, MIT Press, vol. 63(1), pages 60-69, February.
- Oliver LINTON, .
"Applied nonparametric methods,"
Statistic und Oekonometrie
9312, Humboldt Universitaet Berlin.
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