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Source: Journal of Economic Dynamics and Control
Resulting in 3 citations.
| 1. |
Keller, Elisa |
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The Slowdown in American Educational Attainment Journal of Economic Dynamics and Control 46 (September 2014): 252-270. Also: http://www.sciencedirect.com/science/article/pii/S0165188914001705 Cohort(s): NLSY79 Publisher: Elsevier Keyword(s): College Degree; Earnings; Educational Attainment; High School Completion/Graduates; Human Capital Relative to those for high school graduates, lifetime earnings for college graduates are higher for more recent cohorts. At the same time, across successive cohorts born after 1950, there is a stagnation in the fraction of high school graduates that go on to complete a college degree. What explains this phenomenon? I formulate a life-cycle model of human capital accumulation in college and on the job, where successive cohorts decide whether or not to acquire a college degree as well as the quality of their college education. Cohorts differ by the sequence of rental price per unit of human capital they face and by the distribution of initial human capital across individuals. My model reproduces the observed pattern in college attainment for the 1920 to 1970 birth cohorts. The stagnation in college attainment is due to the decrease in the growth rate of the rental price per unit of human capital commencing in the 1970s. My model also generates about 80% of the increase in lifetime earnings for college graduates relative to those for high school graduates observed across cohorts. |
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Bibliography Citation
Keller, Elisa. "The Slowdown in American Educational Attainment." Journal of Economic Dynamics and Control 46 (September 2014): 252-270.
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| 2. |
Otsu, Yuki Yuen, C. Y. Kelvin |
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Health, Crime, and the Labor Market: Theory and Policy Analysis Journal of Economic Dynamics and Control published online (21 September 2022): 104529. Also: https://www.sciencedirect.com/science/article/pii/S0165188922002330 Cohort(s): NLSY97 Publisher: Elsevier Keyword(s): Crime; Government Regulation; Health/Health Status/SF-12 Scale; Insurance, Health; Labor Market Outcomes Better health improves labor market outcomes, and better labor market outcomes discourage individuals from engaging in criminal behavior. Therefore, health insurance policies would affect labor market outcomes and criminal behavior. To explain the mechanism and the impact, we build an equilibrium search model of health, crime, and the labor market. We then use the model to conduct policy experiments and quantify their impacts on the economy. The calibrated model shows that the Medicare-for-all and the Employer Mandate under the Affordable Care Act would increase the aggregate output by more than 10%. However, while Medicare-for-all reduces the crime rate and inequality, the Employer Mandate increases both. Furthermore, policy effects vary by individual's skill and health status. |
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Bibliography Citation
Otsu, Yuki and C. Y. Kelvin Yuen. "Health, Crime, and the Labor Market: Theory and Policy Analysis." Journal of Economic Dynamics and Control published online (21 September 2022): 104529.
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| 3. |
Poschke, Markus |
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Who Becomes an Entrepreneur? Labor Market Prospects and Occupational Choice Journal of Economic Dynamics and Control 37,3 (March 2013): 693-710. Also: http://www.sciencedirect.com/science/article/pii/S0165188912002175 Cohort(s): NLSY79 Publisher: Elsevier Keyword(s): Entrepreneurship; Modeling; Occupational Choice; Wages This paper provides new theory and evidence on the relationship between ability and entrepreneurship. I show that there is a U-shaped relationship between the probability of entrepreneurship and both a person's schooling and wage when employed. This pattern can be explained in a model of occupational choice between wage work and entrepreneurship where a firm's productivity is uncertain before entry, potential wages are heterogeneous, and expected productivity is positively related to an entrepreneur's potential wage. Search, or the ability to keep good projects and reject bad ones, attracts low-ability agents into entrepreneurship. The model also explains why low-profit firms do not always exit. |
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Bibliography Citation
Poschke, Markus. "Who Becomes an Entrepreneur? Labor Market Prospects and Occupational Choice." Journal of Economic Dynamics and Control 37,3 (March 2013): 693-710.
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