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Remarks at the Bank of England, London.
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’ stated school choice both with and without financial constraints. Estimates from a life-cycle model show that future earnings …
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underestimate the true benefits of college (average earnings of a college graduate relative to a non-college worker in the …
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We study the evolution of individual labor earnings over the life cycle, using a large panel data set of earnings …. First, earnings shocks display substantial deviations from lognormality—the standard assumption in the literature on … incomplete markets. In particular, earnings shocks display strong negative skewness and extremely high kurtosis—as high as 30 …
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We document three new facts about gender differences in executive compensation. First, female executives receive a lower share of incentive pay in total compensation relative to males. This difference accounts for 93 percent of the gender gap in total pay. Second, the compensation of female...
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The acceleration of productivity since 1995 has prompted a debate over whether the economy's underlying growth rate will remain high. In this paper, we propose a methodology for estimating trend growth that draws on growth theory to identify variables other than productivity - namely consumption...
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