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Over the past 15 years, labor-quality growth has been very strong—defying nearly all earlier projections—and has added around 0.5 percentage points to an otherwise modest U.S. productivity picture. Going forward, labor quality is likely to add considerably less and may even be a drag on...
Persistent link: https://www.econbiz.de/10012984123
years immediately after birth. This study analyzes whether the across-cohort patterns in the black-white education and …-of-test taking.With Census data, we find: i) a significant narrowing across the same cohorts in education gaps driven primarily by a … gains is greater than can be explained by only the black gains in education and test scores for reasonable estimates of the …
Persistent link: https://www.econbiz.de/10013046176
Many economists and educators of diverse political beliefs favor public support for education on the premise that a … between education and voting for the US, but not for the UK. Using the information on validated voting, we find that …
Persistent link: https://www.econbiz.de/10013213055
This paper examines the effects of introducing compulsory attendance laws on the schooling of U.S. children for three overlapping time periods: 1880-1927, 1890-1927, and 1898-1927. The previous literature finds little effect of the laws, which is somewhat surprising given that the passage of...
Persistent link: https://www.econbiz.de/10013099126
Cities in the United States dramatically expanded spending on public education in the years following World War I, with … the first evaluation of these historically unprecedented investments in public education by compiling a new dataset that …
Persistent link: https://www.econbiz.de/10012890472
first to inquire of wage and salary income and education. We address what the returns to skill were prior to 1940 and piece … century, not just in the 1940s, both coinciding with major economic disruptions brought about by war. The returns to education … contributing factor to the decrease in educational returns. Inequality and the returns to education across the entire century …
Persistent link: https://www.econbiz.de/10013222620
We estimate the trend in the transitory variance of male earnings in the U.S. using the Michigan Panel Study of Income Dynamics from 1970 to 2004. Using both an error components model as well as simpler but only approximate methods, we find that the transitory variance started to increase in the...
Persistent link: https://www.econbiz.de/10013129122
In this paper we derive a model of aggregate investment that builds from the lumpy microeconomic behavior of firms facing stochastic fixed adjustment costs. Instead of the standard (S,s) bands, firms' optimal adjustment policies are probabilistic, with a probability of adjusting (adjustment...
Persistent link: https://www.econbiz.de/10013125317
We examine monthly variation in weekly work hours using data for 2003-10 from the Current Population Survey (CPS) on hours/worker, from the Current Employment Survey (CES) on hours/job, and from the American Time Use Survey (ATUS) on both. The ATUS data minimize recall difficulties and constrain...
Persistent link: https://www.econbiz.de/10013096809
We propose a novel method to estimate dynamic equilibrium models with stochastic volatility. First, we characterize the properties of the solution to this class of models. Second, we take advantage of the results about the structure of the solution to build a sequential Monte Carlo algorithm to...
Persistent link: https://www.econbiz.de/10013100665