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Creator: Kaplan, Greg Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 675 Abstract:
This paper examines the relationship between the dynamics of parent-youth living arrangements and labor market outcomes for youths who do not go to college in the United States. The data come from a newly constructed panel data set based on retrospective monthly coresidence questions in the NLSY97. This is the first data set containing information on the labor market circumstances of youths at the time of movements in and out of the parental home. Based on estimates from duration models that allow for unobserved heterogeneity, I find that moving from employment to non-employment increases the hazard of moving back home in a given month by 64% for males and 71% for females. These results suggest that labor market factors play an important role in determining the dynamics of parent-youth living arrangements and that coresidence may be an important way in which insurance against labor market shocks takes place within the family.
Palabra clave: Intergenerational support, Cohabitation family, Duration models, and Parental coresidence Tema: J13 - Fertility; Family Planning; Child Care; Children; Youth, C41 - Duration Analysis; Optimal Timing Strategies, J20 - Demand and Supply of Labor: General, and J12 - Marriage; Marital Dissolution; Family Structure; Domestic Abuse
Creator: Luttmer, Erzo G. J. Series: Staff report (Federal Reserve Bank of Minneapolis. Research Department) Number: 509 Abstract:
Randomness in individual discovery disperses productivities, whereas learning from others keeps productivities together. Long-run growth and persistent earnings inequality emerge when these two mechanisms for knowledge accumulation are combined. This paper considers an economy in which those with more useful knowledge can teach others, with competitive markets assigning students to teachers. In equilibrium, students with an ability to learn quickly are assigned to teachers with the most productive knowledge. This sorting on ability implies large differences in earnings distributions conditional on ability, as shown using explicit formulas for the tail behavior of these distributions.
Palabra clave: Knowledge diffusion, Growth, and Income inequality Tema: O30 - Innovation; Research and Development; Technological Change; Intellectual Property Rights: General, O10 - Economic Development: General, O40 - Economic Growth and Aggregate Productivity: General, and J20 - Demand and Supply of Labor: General
Creator: Prescott, Edward C., Rogerson, Richard Donald, and Wallenius, Johanna Series: Staff report (Federal Reserve Bank of Minneapolis. Research Department) Number: 400 Abstract:
This paper studies lifetime aggregate labor supply with endogenous workweek length. Such a theory is needed to evaluate various government policies. A key feature of our model is a nonlinear mapping from hours worked to labor services. This gives rise to an endogenous workweek that can differ across occupations. The theory determines what fraction of the lifetime an individual works, not when. We find that constraints on workweek length have different consequences for total hours than total labor services. Also, we find that policies designed to increase the length of the working life may not increase aggregate lifetime labor supply.
Palabra clave: Workweek length and Lifetime aggregate labor supply Tema: E20 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy: General (includes Measurement and Data) and J20 - Demand and Supply of Labor: General
Creator: Ohanian, Lee E., Restrepo-Echavarria, Paulina, and Wright, Mark L. J. Series: Staff report (Federal Reserve Bank of Minneapolis. Research Department) Number: 563 Abstract:
After World War II, international capital flowed into slow-growing Latin America rather than fast-growing Asia. This is surprising as, everything else equal, fast growth should imply high capital returns. This paper develops a capital flow accounting framework to quantify the role of different factor market distortions in producing these patterns. Surprisingly, we find that distortions in labor markets — rather than domestic or international capital markets — account for the bulk of these flows. Labor market distortions that indirectly depress investment incentives by lowering equilibrium labor supply explain two-thirds of observed flows, while improvement in these distortions over time accounts for much of Asia’s rapid growth.
Palabra clave: Labor markets, Domestic capital markets, Capital flows, and International capital markets Tema: E21 - Macroeconomics: Consumption; Saving; Wealth, F41 - Open Economy Macroeconomics, F21 - International Investment; Long-term Capital Movements, and J20 - Demand and Supply of Labor: General