This paper challenges the notion that on-the-job training investments are quantitatively important for workers' welfare and argues that on-the-job training may not increase lifetime income by more than one percent. In particular, I argue that it is very difficult to reconcile the slowdown in...

In this paper we reassess the evidence on labor income risk. There are two leading views on the nature of the income process in the current literature. The .first view, which we call the .Restricted Income Profiles.(RIP) process, holds that individuals are subject to large and very persistent...

Using panel data on individual labor income histories from 1957 to 2013, we document two empirical facts about the distribution of lifetime income in the United States. First, from the cohort that entered the labor market in 1967 to the cohort that entered in 1983, median lifetime income of men...

Using panel data on individual earnings histories from 1957 to 2013, we document empirical facts about the distribution of lifetime earnings in the United States. First, from the cohort that entered the labor market in 1957 to the cohort that entered in 1983, median lifetime earnings of men...

Using panel data on individual labor income histories from 1957 to 2013, we document two empirical facts about the distribution of lifetime income in the United States. First, from the cohort that entered the labor market in 1967 to the cohort that entered in 1983, median lifetime income of men...