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WAGE VOLATILITY AND CHANGING PATTERNS OF LABOR SUPPLY

Title
WAGE VOLATILITY AND CHANGING PATTERNS OF LABOR SUPPLY
Authors
Hong, Jay H.Seok, Byoung HoonYou, Hye Mi
Ewha Authors
석병훈
Issue Date
2019
Journal Title
INTERNATIONAL ECONOMIC REVIEW
ISSN
0020-6598JCR Link

1468-2354JCR Link
Citation
INTERNATIONAL ECONOMIC REVIEW vol. 60, no. 2, pp. 595 - 630
Publisher
WILEY
Indexed
SSCI; SCOPUS WOS scopus
Document Type
Article
Abstract
Over the past few decades, the skilled-unskilled hours differential for U.S. men increased when the skill premium rose sharply, in contrast with dominant income effects. Based on PSID data, we show that over the 1967-2000 period, skilled men experienced a three times larger increase in wage volatility than unskilled men. With the rise in wage volatility, our general equilibrium incomplete markets model generates a 2.7 hours increase in the hours differential whereas it increased by 1.4 hours in the data. We find that hours adjustments are important for self-insurance in the short run, whereas precautionary savings play a crucial role eventually.
DOI
10.1111/iere.12363
Appears in Collections:
사회과학대학 > 경제학전공 > Journal papers
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