The Macroeconomic Implications of Rising Wage Inequality in the United States

• 成果类型: Article
• 署名作者: Heathcote, Jonathan; Storesletten, Kjetil; Violante, Giovanni L.
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Oslo; New York University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/656632
• 发表日期: 2010
• 页码: 681-722
• 关键词: consumption inequality; LABOR; earnings; returns; work

摘要

In recent decades, American workers have faced a rising college premium, a narrowing gender gap, and increasing wage volatility. This paper explores the quantitative and welfare implications of these changes. The framework is an incomplete-markets life cycle model in which individuals choose education, intrafamily time allocation, and savings. Given the observed history of the U. S. wage structure, the model replicates key trends in cross-sectional inequality in hours worked, earnings, and consumption. Recent cohorts enjoy welfare gains, on average, as higher relative wages for college graduates and for women translate into higher educational attainment and a more even division of labor within the household.