Review of Economic Dynamics最新文献_第9页

On the black-white gaps in labor supply and earnings over the lifecycle in the US 关于美国生命周期中劳动力供给和收入的黑白差距

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-12-01 Epub Date: 2023-04-24 DOI: 10.1016/j.red.2023.04.001

Christopher Rauh , Arnau Valladares-Esteban

{"title":"On the black-white gaps in labor supply and earnings over the lifecycle in the US","authors":"Christopher Rauh , Arnau Valladares-Esteban","doi":"10.1016/j.red.2023.04.001","DOIUrl":"10.1016/j.red.2023.04.001","url":null,"abstract":"<div><p>In the US economy, Black men, on average, receive lower wages than White men, and the difference increases over the working life. The employment rate and the number of hours worked are also lower for Blacks, but the gap is nearly constant. Together these facts suggest that on-the-job human capital accumulation might explain the diverging wages. However, the wage gap and its evolution over the lifecycle cannot be explained by differences in accumulated experience or educational attainment for the cohort we analyze. Instead, the combination of experience and test scores measured at ages 17-22 accounts for the wage gap and its growth. We propose an on-the-job human capital accumulation model with heterogeneity in the initial human capital endowment and the lifelong ability to accumulate human capital, and endogenous labor supply at the extensive and intensive margins to explain the evolution of the Black-White wage gap over the lifecycle. We discipline the distribution of the ability to accumulate human capital using the power of test scores to predict earnings growth in the data. We find that if the pre-market distributions were the same for Blacks and Whites, the racial gap in hourly earnings would be closed by 84%, with the remaining gap opening throughout life due to higher labor supply amongst White men. That is, the unequal conditions with which men in the two groups enter the labor market are likely to be the key determinant of the differences over the lifecycle.</p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"51 ","pages":"Pages 424-449"},"PeriodicalIF":2.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1094202523000169/pdfft?md5=c9541f67ea8262fab9dc2457245d2902&pid=1-s2.0-S1094202523000169-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135519227","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Global DSGE models 全球DSGE模型

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-12-01 Epub Date: 2023-01-18 DOI: 10.1016/j.red.2023.01.001

Dan Cao , Wenlan Luo , Guangyu Nie

引用次数: 0

Heterogeneous spillovers of housing credit policy 住房信贷政策的异质性溢出效应

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-12-01 Epub Date: 2022-11-30 DOI: 10.1016/j.red.2022.11.005

Myroslav Pidkuyko

引用次数: 0

Marginal propensity to consume and unemployment: A meta-analysis 边际消费倾向与失业：元分析

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-12-01 Epub Date: 2023-09-04 DOI: 10.1016/j.red.2023.08.005

Anna Sokolova

引用次数: 0

The preferential treatment of green bonds 绿色债券的优惠待遇

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-12-01 Epub Date: 2023-06-30 DOI: 10.1016/j.red.2023.06.006

Francesco Giovanardi , Matthias Kaldorf , Lucas Radke , Florian Wicknig

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引用次数: 0

The fundamental surplus revisited 重新审视基本盈余

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-12-01 Epub Date: 2022-11-17 DOI: 10.1016/j.red.2022.11.003

Bingsong Wang

引用次数: 0

Trend inflation and evolving inflation dynamics: A Bayesian GMM analysis 趋势通胀和不断变化的通胀动态：贝叶斯 GMM 分析

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-12-01 Epub Date: 2023-06-05 DOI: 10.1016/j.red.2023.05.003

Yasufumi Gemma , Takushi Kurozumi , Mototsugu Shintani

引用次数: 1

Low safe interest rates: A case for dynamic inefficiency? 低安全利率：动态低效的案例？

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-12-01 Epub Date: 2023-06-27 DOI: 10.1016/j.red.2023.06.005

Gaetano Bloise , Pietro Reichlin

{"title":"Low safe interest rates: A case for dynamic inefficiency?","authors":"Gaetano Bloise , Pietro Reichlin","doi":"10.1016/j.red.2023.06.005","DOIUrl":"10.1016/j.red.2023.06.005","url":null,"abstract":"<div><p>We reexamine the tests for dynamic inefficiency in productive overlapping-generations economies with stochastic growth. Contrary to certain claims in the recent literature, we argue that the size of real safe interest rates relative to average GDP growth is an inconclusive test for dynamic inefficiency. A more accurate test should take into account the correlation between growth and the marginal utility of wealth. We provide an exhaustive criterion based on the growth-adjusted <em>dominant root</em> of the stochastic discount factor emerging at the competitive equilibrium. Surprisingly, a preliminary rough empirical application of this criterion uncovers <em>dynamic inefficiency</em> of the US economy for any reasonable degree of risk aversion. We also distinguish capital overaccumulation from an inefficient distribution of consumption risk. The refined test for capital overaccumulation is rather stringent: Capital is not overaccumulated if the net dividend remains positive <em>with some probability</em>, as opposed to <em>always</em>, as in the original <span>Abel et al. (1989)</span>'s formulation.</p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"51 ","pages":"Pages 633-656"},"PeriodicalIF":2.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1094202523000248/pdfft?md5=6f10123863de77e94b0658702911e07f&pid=1-s2.0-S1094202523000248-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136177898","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Business ownership and the secondary market 企业所有权和二级市场

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-12-01 Epub Date: 2023-10-20 DOI: 10.1016/j.red.2023.10.002

Zachary Mahone

引用次数: 0

Revisiting capital-skill complementarity, inequality, and labor share 重新审视资本-技能互补性、不平等和劳动份额

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-12-01 Epub Date: 2023-05-30 DOI: 10.1016/j.red.2023.05.002

Lee E. Ohanian , Musa Orak , Shihan Shen

{"title":"Revisiting capital-skill complementarity, inequality, and labor share","authors":"Lee E. Ohanian , Musa Orak , Shihan Shen","doi":"10.1016/j.red.2023.05.002","DOIUrl":"10.1016/j.red.2023.05.002","url":null,"abstract":"<div><p>This paper analyzes the quantitative contribution of capital-skill complementarity in accounting for rising wage inequality<span>, as in Krusell, Ohanian, Rios-Rull, and Violante (KORV, 2000). We study how well the KORV framework accounts for more recent data, including the large changes in labor's share of income that occurred after the KORV estimation period ended. We also study how using information and communications technology (ICT) capital as the complementary capital stock affects the model's implications for inequality and overall model fit. We find significant evidence for continued capital-skill complementarity across all model permutations we analyze. Despite nearly 30 years of additional data, we find very little change to the original KORV estimates of substitution elasticities when the total stock of capital equipment is used as the complementary capital stock. We find much more capital-skill complementarity when ICT capital is used. The KORV framework continues to closely account for rising wage inequality through 2019, though it misses the three percentage points decline in labor's share of income that has occurred since 2000.</span></p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"51 ","pages":"Pages 479-505"},"PeriodicalIF":2.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135338283","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0