Industry-Specific Capital and the Wage Profile: Evidence from the National Longitudinal Survey of Youth and the Panel Study of Income Dynamics
Using data from the National Longitudinal Survey of Youth (1979-96) and the Panel Study of Income Dynamics (1981-91), I seek to determine whether there is any net positive return to tenure with the current employer once we control for industry-specific capital. Including total experience in the industry as an additional explanatory variable, I show that the return to seniority is markedly reduced using GLS while it virtually disappears using IV-GLS, at both the one-digit and three-digit levels. Therefore, it seems that what matters most for the wage profile in terms of human capital is industry-specificity, not firm-specificity. Copyright 2000 by University of Chicago Press.
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Volume (Year): 18 (2000)
Issue (Month): 2 (April)
Pages: 306-23
| Handle: | RePEc:ucp:jlabec:v:18:y:2000:i:2:p:306-23 |
| Contact details of provider: | Web page: http://www.journals.uchicago.edu/JOLE/
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