We study the evolution of educational attainment of the 1932-1972 cohorts using a human capital investment model with heterogeneous learning ability. Inter-cohort variation in schooling is driven by changes in skill prices, tuition, and education quality over time, and average learning ability...

We study the aggregate productivity effects of firm-level financial frictions. Credit constraints affect not only production decisions but also household-level schooling decisions. In turn, entrepreneurial schooling decisions impact firm-level productivities, whose cross-sectional distribution...

We study the evolution of educational attainment of the 1932-1972 cohorts using a human capital investment model with heterogeneous learning ability. Inter-cohort variation in schooling is driven by changes in skill prices, tuition, and education quality over time, and average learning ability...

We study the aggregate productivity effects of firm-level financial frictions. Credit constraints affect not only production decisions but also household-level schooling decisions. In turn, entrepreneurial schooling decisions impact firm-level productivities, whose cross-sectional distribution...

In this paper, we examine the general equilibrium implications of human capital accumulation in the presence of superstar markets, in which small differences in skill translate into huge differences in earnings. Previous research has concentrated on the microeconomic wage implications of...

I show that in a conventional Ramsey model, between one-fourth and one-half of the global income distribution can be explained by a single factor: The effect of large, persistent differences in national average IQ on the private marginal product of labor. Thus, differences in national average IQ...

This paper develops and implements a semiparametric estimator for investigating, with panel data, the importance of human capital accumulation, non-separable preferences of females and child care costs on females life-cycle fertility and labor supply behaviors. It presents a model in which the...

In this paper we document substantial returns to occupational tenure. Everything else being constant, ten years of occupational tenure are likely to increase wages by at least $19\%$. Moreover, we show that when occupational experience is taken into account, tenure with an industry or an...

A large number of pairs of countries exhibit a dynamic pattern in which: (i) Fertility in both countries declines across time; (ii) Initially one country has higher fertility and lower per-capita income compared to the other; (iii) In time, as per-capita income converges, fertility rates in the...