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Creator: Han, Suyoun and Kleiner, Morris Series: Staff report (Federal Reserve Bank of Minneapolis. Research Department) Number: 556 Abstract:
The length of time from the implementation of an occupational licensing statute (i.e., licensing duration) may matter in influencing labor market outcomes. Adding to or raising the entry barriers are likely easier once an occupation is established and has gained influence in a political jurisdiction. States often enact grandfather clauses and ratchet up requirements that protect existing workers and increase entry costs to new entrants. We analyze the labor market influence of the duration of occupational licensing statutes for 13 major universally licensed occupations over a 75-year period. These occupations comprise the vast majority of workers in these regulated occupations in the United States. We provide among the first estimates of potential economic rents to grandfathering. We find that duration years of occupational licensure are positively associated with wages for continuing and grandfathered workers. The estimates show a positive relationship of duration with hours worked, but we find moderately negative results for participation in the labor market. The universally licensed occupations, however, exhibit heterogeneity in outcomes. Consequently, unlike some other labor market public policies, such as minimum wages or direct unemployment insurance benefits, occupational licensing would likely influence labor market outcomes when measured over a longer period of time.
Palabra clave: Workforce participation, Hours worked, Duration and grandfathering effects on wage determination, Occupational licensing, and Labor market regulation Tema: L88 - Industry Studies: Services: Government Policy, L38 - Public Policy, J38 - Wages, Compensation, and Labor Costs: Public Policy, J30 - Wages, Compensation, and Labor Costs: General, K20 - Regulation and Business Law: General, J08 - Labor Economics Policies, L51 - Economics of Regulation, J80 - Labor Standards: General, J88 - Labor Standards: Public Policy, K00 - Law and Economics: General, L84 - Personal, Professional, and Business Services, L12 - Monopoly; Monopolization Strategies, and J44 - Professional Labor Markets; Occupational Licensing