This paper describes the changes in the composition of the labor force in the last 35 years and quantifies the substitution of low education/high experience workers by low experience/high education workers by using US and French microdata. The consequences of this substitution on the wage...

In the last decades, the OECD labor markets faced important labor supply changes with the arrival of women and the cohorts of the baby-boom. Using a survey where workers declare their true employment experience, this paper argues that these supply trends imply more inexperienced workers. It then...

We document empirical life cycle profiles of wages, earnings, and hours of work for pay from the Panel Study of Income Dynamics, following the same workers for up to four decades. For six of the eight cohorts we analyze the wage profile does not decline with age (not before 65, at least), while...

We study how becoming a grandparent affects grandparents' labor supply. In a simple model of the allocation of time in which seniors care about their offspring's welfare and also value time spent with family children, the sign of the effect is ambiguous. Using data from the Panel Study of Income...

In this paper we consider a general equilibrium model where heterogeneous agents specialize either in legitimate market activities or in criminal activities and majority rule determines the share of income redistributed and the expenditures devoted to the apprehension of criminals. We calibrate...

We scrutinize the monetary transmission mechanism in New-Keynesian models, focusing on the role of capital, the key ingredient in the transition from the basic framework to DSGE models. The widely held view that monetary policy affects output and inflation in these models through a real interest...

Working-age grandparents supply large amounts of child care, an observation that raises the question of how having grandchildren affects grandparents' own labor supply. Exploiting the unique genealogical design of the PSID and the random variation in the timing when the parents of first-born...