Demographic change will be one of the major challenges for economic policy in the developed world in the next decades. In this article, we analyze the relationship between age structure and the number of startups. We argue that an individual's decision to start a business is determined by his or...

The British Industrial Revolution triggered a reversal in the social order wherebythe landed elite was replaced by industrial capitalists rising from the middle classes as the economically dominant group. Many observers have linked this transformation to the contrast in values between a...

The British Industrial Revolution triggered a reversal in the social order whereby the landed elite was replaced by industrial capitalists rising from the middle classesas the economically dominant group. Many observers have linked this transformation to the contrast in values between a...

We investigate the impact of exogenous income fluctuations on health using twenty years ofdata from the Panel Study of Income Dynamics using techniques from the literature on theestimation of dynamic panel data models....

In 1958 Jacob Mincer pioneered an important approach to understand how earnings aredistributed across the population. In the years since Mincer’s seminal work, he as well as hisstudents and colleagues extended the original human capital model, reaching importantconclusions about a whole array...

State and federal reforms of the 1990s transformed the U.S. cash assistance program forsingle parents and their children. Despite an extensive literature examining these changesand their impacts, there have been few studies that consider the effects of these reformsfrom the perspective of the...

Using the large-scale German Socio-Economic Panel, this note reports direct empirical evidence for significant correlations between risk aversion and labour market outcomes (full-time employment, temporary agency work, fixed-term contracts, employer change, quits, training, wages, and job...

The law of one wage does not strictly hold, nor should it be expected to hold, in contemporary labor markets. The law of one wage, however, provides a surprisingly good first approximation of the structure of U.S. wages...

Pay-as-you-go pension programs can help to share risk amongst generations.While a wage-indexed pension program is best suited to share labor income risk,I show that the combination of stochastic labor income and stochastic populationgrowth may reduce the possibilities for intergenerational risk...

We examine the long-run relationship between fertility, mortality, and incomeusing panel cointegration techniques and the available data for the last century.Our main result is that mortality changes and growth of income per capita account for amajor part of the fertility change characterizing...