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Source: Journal of Monetary Economics
Resulting in 6 citations.
| 1. |
Hendricks, Lutz Schoellman, Todd |
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Student Abilities During the Expansion of US Education Journal of Monetary Economics 63 (April 2014): 19-36. Also: http://www.sciencedirect.com/science/article/pii/S0304393214000208 Cohort(s): NLSY79 Publisher: Elsevier Keyword(s): Armed Forces Qualifications Test (AFQT); College Education; Educational Attainment; High School Diploma; Test Scores/Test theory/IRT The US experienced two dramatic changes in the structure of education in a fifty year period. The first was a large expansion of educational attainment; the second, an increase in test score gaps between college bound and non-college bound students. This paper documents the impact of these two trends on the composition of school groups by ability and the importance of these composition effects for wages. The main finding is that there is a growing gap between the abilities of high school and college-educated workers that accounts for one-half of the college wage premium for recent cohorts and for the entire rise of the college wage premium between the 1910 and 1960 birth cohorts. |
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Bibliography Citation
Hendricks, Lutz and Todd Schoellman. "Student Abilities During the Expansion of US Education." Journal of Monetary Economics 63 (April 2014): 19-36.
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| 2. |
Jaimovich, Nir Saporta-Eksten, Itay Siu, Henry Yedid-Levi, Yaniv |
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The Macroeconomics of Automation: Data, Theory, and Policy Analysis Journal of Monetary Economics published online (8 July 2021): DOI: 10.1016/j.jmoneco.2021.06.004. Also: https://www.sciencedirect.com/science/article/pii/S0304393221000684 Cohort(s): NLSY79, NLSY97 Publisher: Elsevier Keyword(s): Armed Forces Qualifications Test (AFQT); Cognitive Ability; Current Population Survey (CPS) / CPS-Fertility Supplement; Displaced Workers; Occupations; Skilled Workers The decline in middle-wage occupations and rise in automation over the last decades is at the center of policy discussions. We develop an empirically relevant general equilibrium model that features endogenous labor force participation, occupational choice, and automation capital. We use the model to consider two types of policies: the retraining of workers who were adversely affected by automation, and redistribution policies that transfer resources to these workers. Our framework emphasizes general equilibrium effects such as displacement effects of retraining programs, complementarities between the factors of production, and the effects of distortionary taxation that is required to fund these programs. |
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Bibliography Citation
Jaimovich, Nir, Itay Saporta-Eksten, Henry Siu and Yaniv Yedid-Levi. "The Macroeconomics of Automation: Data, Theory, and Policy Analysis." Journal of Monetary Economics published online (8 July 2021): DOI: 10.1016/j.jmoneco.2021.06.004.
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| 3. |
Ji, Yan |
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Job Search under Debt: Aggregate Implications of Student Loans Journal of Monetary Economics published online (11 May 2020): DOI: 10.1016/j.jmoneco.2020.05.002. Also: https://www.sciencedirect.com/science/article/pii/S0304393220300672 Cohort(s): NLSY97 Publisher: Elsevier Keyword(s): Debt/Borrowing; Job Search; Student Loans / Student Aid A dynamic equilibrium model of schooling, borrowing, and job search is developed to quantify the aggregate implications of student loans. In my model, risk-averse agents under debt tend to search less and end up with lower-paid jobs. Calibrating the model using micro data, I show that student loans have significant effects on borrowers' job search decisions under the fixed repayment plan. The income-based repayment plan (IBR) largely alleviates the burden of debt repayment by insuring labor market outcomes, allowing borrowers to conduct a more adequate job search. In general equilibrium, IBR also increases social welfare by encouraging college attendance. |
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Bibliography Citation
Ji, Yan. "Job Search under Debt: Aggregate Implications of Student Loans." Journal of Monetary Economics published online (11 May 2020): DOI: 10.1016/j.jmoneco.2020.05.002.
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| 4. |
Kudlyak, Marianna |
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The Cyclicality of the User Cost of Labor Journal of Monetary Economics 68 (November 2014): 53-67. Also: http://www.sciencedirect.com/science/article/pii/S0304393214001135 Cohort(s): NLSY79 Publisher: Elsevier Keyword(s): Firms; Labor Supply; Modeling; Wages The user cost of labor is the expected difference between the present discounted value of wages paid to a worker hired in the current period and that paid to a worker hired in the next period. Analogously to the price of any long-term asset, the user cost, not wage, is the relevant price for a firm that is considering adding a worker. I construct its counterpart in the data and estimate that it is substantially more procyclical than average wages or wages of newly-hired workers. I demonstrate an application of the finding using the textbook search and matching model. |
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Bibliography Citation
Kudlyak, Marianna. "The Cyclicality of the User Cost of Labor." Journal of Monetary Economics 68 (November 2014): 53-67.
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| 5. |
Matsuda, Kazushige Mazur, Karol |
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College Education and Income Contingent Loans in Equilibrium Journal of Monetary Economics published online (5 September 2022): DOI: 10.1016/j.jmoneco.2022.08.005. Also: https://www.sciencedirect.com/science/article/pii/S030439322200112X Cohort(s): NLSY79, NLSY97 Publisher: Elsevier Keyword(s): College Education; College Enrollment; Income Dynamics/Shocks; Intergenerational Patterns/Transmission; Legislation; Panel Study of Income Dynamics (PSID); Welfare In 2009 the US government introduced a major income-contingent loans (ICLs) program for financing higher education. We investigate its welfare implications in the presence of income shocks, and endogenous dropout risk and college enrollment. While ICLs provide valuable income insurance and thereby increase college enrollment by risk averse agents, they may also lead to adverse selection of individuals with lower ability and generate a moral hazard cost of lowering educational effort and labor hours. We evaluate this insurance-incentives trade-off in a calibrated heterogeneous agent model. We show that ICLs increase welfare and that the social costs of adverse selection and moral hazard are mild. |
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Bibliography Citation
Matsuda, Kazushige and Karol Mazur. "College Education and Income Contingent Loans in Equilibrium." Journal of Monetary Economics published online (5 September 2022): DOI: 10.1016/j.jmoneco.2022.08.005.
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Seshadri, Ananth Zhou, Anson |
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Intergenerational Mobility Begins Before Birth Journal of Monetary Economics published online (12 March 2022): DOI: 10.1016/j.jmoneco.2022.03.005. Also: https://www.sciencedirect.com/science/article/pii/S0304393222000368 Cohort(s): NLSY79 Publisher: Elsevier Keyword(s): Family Planning; Intergenerational Patterns/Transmission; Mobility, Economic; National Survey of Family Growth (NSFG); Socioeconomic Status (SES) Nearly 40% of births in the United States are unintended, and this phenomenon is disproportionately common among Black Americans and women with lower education. Given that being born to unprepared parents significantly affects children's outcomes, could family planning access affect intergenerational persistence of economic status? We extend the standard Becker-Tomes model by incorporating an endogenous family planning choice. In a policy counterfactual where states reduce family planning costs for the poor, intergenerational mobility improves by 0.3 standard deviations on average. We also find that differences in family planning costs account for 20% of the racial gap in upward mobility. |
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Bibliography Citation
Seshadri, Ananth and Anson Zhou. "Intergenerational Mobility Begins Before Birth." Journal of Monetary Economics published online (12 March 2022): DOI: 10.1016/j.jmoneco.2022.03.005.
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