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Author: Veramendi, Gregory

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1.	Heckman, James J. Humphries, John Eric Urzua, Sergio Veramendi, Gregory
1.	The Effects of Educational Choices on Labor Market, Health, and Social Outcomes Working Paper No. 2011-002, Human Capital and Ecnomic Opportunity Working Group, Economic Research Center, University of Chicago, October 2011 Cohort(s): NLSY79 Publisher: University of Chicago Keyword(s): Adolescent Behavior; Armed Services Vocational Aptitude Battery (ASVAB); Behavior, Antisocial; Body Mass Index (BMI); CESD (Depression Scale); Cognitive Ability; Divorce; Educational Aspirations/Expectations; Educational Attainment; Health, Mental/Psychological; Health/Health Status/SF-12 Scale; Labor Market Outcomes; Pearlin Mastery Scale; Rosenberg Self-Esteem Scale (RSES) (see Self-Esteem); School Performance; Welfare Permission to reprint the abstract has not been received from the publisher. Using a sequential model of educational choices, we investigate the effect of educational choices on labor market, health, and social outcomes. Unobserved endowments drive the correlations in unobservables across choice and outcome equations. We proxy these endowments with numerous measurements and account for measurement error in the proxies. For each schooling level, we estimate outcomes for labor market, health, and social outcome. This allows us to generate counter-factual outcomes for dynamic choices and a variety of policy and treatment effects. In our framework, responses to treatment vary among observationally identical persons and agents may select into the treatment on the basis of their responses. We find important effects of early cognitive and socio-emotional abilities on schooling choices, labor market outcomes, adult health, and social outcomes. Education at most levels causally produces gains on labor market, health, and social outcomes. We estimate the distribution of responses to education and find substantial heterogeneity on which agents act.
	Bibliography Citation Heckman, James J., John Eric Humphries, Sergio Urzua and Gregory Veramendi. "The Effects of Educational Choices on Labor Market, Health, and Social Outcomes." Working Paper No. 2011-002, Human Capital and Ecnomic Opportunity Working Group, Economic Research Center, University of Chicago, October 2011.

2.	Heckman, James J. Humphries, John Eric Veramendi, Gregory
2.	Returns to Education: The Causal Effects of Education on Earnings, Health and Smoking IZA Discussion Paper No. 9957, Institute for the Study of Labor (IZA), May 2016. Also: http://ftp.iza.org/dp9957.pdf Cohort(s): NLSY79 Publisher: Institute for the Study of Labor (IZA) Keyword(s): Earnings; Educational Returns; Health/Health Status/SF-12 Scale; Skills; Smoking (see Cigarette Use) Permission to reprint the abstract has not been received from the publisher. This paper estimates returns to education using a dynamic model of educational choice that synthesizes approaches in the structural dynamic discrete choice literature with approaches used in the reduced form treatment effect literature. It is an empirically robust middle ground between the two approaches which estimates economically interpretable and policy-relevant dynamic treatment effects that account for heterogeneity in cognitive and non-cognitive skills and the continuation values of educational choices. Graduating college is not a wise choice for all. Ability bias is a major component of observed educational differentials. For some, there are substantial causal effects of education at all stages of schooling.
	Bibliography Citation Heckman, James J., John Eric Humphries and Gregory Veramendi. "Returns to Education: The Causal Effects of Education on Earnings, Health and Smoking." IZA Discussion Paper No. 9957, Institute for the Study of Labor (IZA), May 2016.

3.	Heckman, James J. Humphries, John Eric Veramendi, Gregory
3.	The Non-Market Benefits of Education and Ability NBER Working Paper No. 23896, National Bureau of Economic Research, October 2017. Also: http://www.nber.org/papers/w23896 Cohort(s): NLSY79 Publisher: National Bureau of Economic Research (NBER) Keyword(s): Cognitive Ability; Depression (see also CESD); Educational Returns; Incarceration/Jail; Self-Esteem; Trust; Voting Behavior; Welfare This paper analyzes the non-market benefits of education and ability. Using a dynamic model of educational choice we estimate returns to education that account for selection bias and sorting on gains. We investigate a range of non-market outcomes including incarceration, mental health, voter participation, trust, and participation in welfare. We find distinct patterns of returns that depend on the levels of schooling and ability. Unlike the monetary benefits of education, the benefits to education for many non-market outcomes are greater for low-ability persons. College graduation decreases welfare use, lowers depression, and raises self-esteem more for less-able individuals.
	Bibliography Citation Heckman, James J., John Eric Humphries and Gregory Veramendi. "The Non-Market Benefits of Education and Ability." NBER Working Paper No. 23896, National Bureau of Economic Research, October 2017.

4.	Vejlin, Rune Veramendi, Gregory
4.	Sufficient Statistics for Frictional Wage Dispersion and Growth Quantitative Economics 14, 3 (28 July 2023): 935-979. Also: https://doi.org/10.3982/QE1485 Cohort(s): NLSY79 Publisher: Wiley Online Keyword(s): Displaced Workers; Displacement; Search Models; Sufficient Statistics; Wage Dispersion; Wage Growth; Wage Models; Wage Theory; Wages Permission to reprint the abstract has not been received from the publisher. This paper develops a sufficient statistics approach for estimating the role of search frictions in wage dispersion and life-cycle wage growth. We show how the wage dynamics of displaced workers are directly informative of both for a large class of search models. Specifically, the correlation between pre- and post-displacement wages is informative of frictional wage dispersion. Furthermore, the fraction of displaced workers who suffer a wage loss is informative of frictional wage growth and job-to-job mobility, independent of the job-offer distribution and other labor-market parameters. Applying our methodology to US data, we find that search frictions account for less than 20% of wage dispersion. In addition, we estimate that between 40 to 80% of workers experience no frictional wage growth during an employment spell. Our approach allows us to estimate how frictions change over time. We find that frictional wage dispersion has declined substantially since 1980 and that frictional wage growth, while low, is more important toward the end of expansionary periods. We finish by estimating two versions of a random search model to show how at least two different mechanisms -- involuntary job transitions or compensating differentials -- can reconcile our results with the job-to-job mobility seen in the data. Regardless of the mechanism, the estimated models show that frictional wage growth accounts for about 15% of life-cycle wage growth.
	Bibliography Citation Vejlin, Rune and Gregory Veramendi. "Sufficient Statistics for Frictional Wage Dispersion and Growth." Quantitative Economics 14, 3 (28 July 2023): 935-979.

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