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WAGE VOLATILITY AND CHANGING PATTERNS OF LABOR SUPPLY

Title
WAGE VOLATILITY AND CHANGING PATTERNS OF LABOR SUPPLY
Author
유혜미
Keywords
CONSUMPTION INEQUALITY; PRECAUTIONARY SAVINGS; TRENDS; INCOME; PARTICIPATION; EMPLOYMENT; EARNINGS; RISK
Issue Date
2019-05
Publisher
WILEY
Citation
INTERNATIONAL ECONOMIC REVIEW, v. 60, NO 2, Page. 595-630
Abstract
Over the past few decades, the skilled-unskilled hours differential for U.S. men increased when the skill premium rose sharply, in contrast with dominant income effects. Based on PSID data, we show that over the 1967-2000 period, skilled men experienced a three times larger increase in wage volatility than unskilled men. With the rise in wage volatility, our general equilibrium incomplete markets model generates a 2.7 hours increase in the hours differential whereas it increased by 1.4 hours in the data. We find that hours adjustments are important for self-insurance in the short run, whereas precautionary savings play a crucial role eventually.
URI
https://onlinelibrary.wiley.com/doi/full/10.1111/iere.12363http://repository.hanyang.ac.kr/handle/20.500.11754/114614
ISSN
0020-6598; 1468-2354
DOI
10.1111/iere.12363
Appears in Collections:
COLLEGE OF ECONOMICS AND FINANCE[S](경제금융대학) > ECONOMICS & FINANCE(경제금융학부) > Articles
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