A Dynamic Equilibrium Model of the US Wage Structure, 1968-1996

• 成果类型: Article
• 署名作者: Johnson, Matthew; Keane, Michael P.
• 署名单位: University of Oxford; University of New South Wales Sydney
• 刊物名称: JOURNAL OF LABOR ECONOMICS
• ISSN/ISSBN: 0734-306X
• DOI: 10.1086/666698
• 发表日期: 2013
• 页码: 1-49
• 关键词: capital-skill complementarity; UNITED-STATES; INEQUALITY; LABOR; mobility; demand; earnings; returns; men

摘要

We develop an equilibrium model of the US labor market, fit to Panel Study of Income Dynamics data from 1968-96. Our main innovation is a finer differentiation of types of labor than in prior work (i.e., by occupation, education, gender, and age). This lets us fit wage and employment patterns better than simpler models. We obtain a good fit to wages and occupational choices over the 29-year period while also explaining college attendance rates. We use the model to assess factors driving changes in the wage structure. Occupational demand shifts and shifts in demand for college labor and female labor within occupations are key factors.