Human capital and earnings distribution dynamics

• 成果类型: Article
• 署名作者: Huggett, M; Ventura, G; Yaron, A
• 署名单位: University of Pennsylvania; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Georgetown University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2005.10.013
• 发表日期: 2006
• 页码: 265-290
• 关键词: earnings distribution; human capital; Heterogeneity

摘要

Earnings heterogeneity plays a crucial role in modern macroeconomics. We document that mean earnings and measures of earnings dispersion and skewness all increase in US data over most of the working life-cycle for a typical cohort as the cohort ages. We show that (i) a human capital model can replicate these properties from the right distribution of initial human capital and learning ability, (ii) differences in learning ability are essential to produce an increase in earnings dispersion over the life cycle and (iii) differences in learning ability account for the bulk of the variation in the present value of earnings across agents. These findings emphasize the need to further understand the role and origins of initial conditions. (c) 2006 Elsevier B.V. All rights reserved.