We employ the Ben-Porath (1967) human capital model to study the evolution of the gender wage gap over the long run. We consider the effect of changing lifecycle profiles of female market hours. We find that the implied response in unobserved investment in human capital accumulation accounts for...

These notes cover: Derivation of the objective function of the Dynastic Problem, Characterization of the competitive equilibrium, Sequential Problem (SP) whose solution corresponds to the competitive equilibrium allocation, Limiting behavior of the equilibrium time paths, Calibration as a...

Several empirical studies suggest that the systematic behavior of lending standards, with laxer (tighter) standards applied during expansions (recessions) are responsible for reverting trends in aggregate productivity. We build a dynamic screening model with informational asymmetries in credit...

All industrialized countries have experienced a transition from high birth rates, land-based production and stagnant standards of living to low birth rates and sustained income growth. To develop a better understanding of these economic and demographic transformations and the link between them,...

Using a model of family decision-making with home production and individual heterogeneity, we quantitatively investigate the role of changes in several aspects of the joint earnings distribution of husbands and wives (gender earnings gap, gender-specific inequality and assortativeness of...

During the period 1960-2000, the proportion of two-earner couples among married couples in the U.S. more than doubled, while tax laws underwent numerous changes, with major reforms taking place in the 1980's (flattening of the federal income tax schedule) and in the 1990's (major expansion of...

All industrialized countries experienced a transition from high birth rates and stagnant standards of living to low birth rates and sustained growth in per capita income. What contributed to this transformation? Were output and population dynamics driven by common or separate forces? We develop...