Education, wage dynamics, and wealth inequality.

Autor/in	Kim, Heejeong
Titel	Education, wage dynamics, and wealth inequality. Gefälligkeitsübersetzung: Bildung, Lohndynamik und Vermögensungleichheit.
Quelle	In: Review of economic dynamics, 43 (2022) [1], S. 217-240 PDF als Volltext Link als defekt meldenVerfügbarkeit
Sprache	englisch
Dokumenttyp	online; Zeitschriftenaufsatz
ISSN	1096-6099
DOI	10.1016/j.red.2021.02.006
Schlagwörter	Bildungsniveau; Soziale Ungleichheit; Akkumulation; Kapital; Soziale Ungleichheit; Sparen; Vermögensverteilung; USA; Auswirkung; Bildungsniveau; Einkommensunterschied; Bildungsertrag; Bildungsertrag; Einkommensunterschied; Kapital; Sparen; Vermögensverteilung; Niedrig Qualifizierter; Akkumulation; Auswirkung; Hochschulabsolvent; Hoch Qualifizierter; USA
Abstract	"To what extent does heterogeneity in education contribute to wealth inequality and life-cycle savings, and through which pathways? Using the Panel Study Income Dynamics (PSID) data, I estimate skill-specific wage processes, allowing for both deterministic between-group wage dispersion and stochastic within-group wage dispersion. I evaluate the quantitative implications of these wage processes using an incomplete-markets overlapping-generations general equilibrium model in which households choose their education and labor supply. I find that allowing wage processes to vary by skill levels is crucial to understanding wealth inequality and life-cycle savings of skilled and unskilled households. Importantly, stochastic within-group wage dispersion plays a key role in explaining the concentration of wealth at the top and the large difference in the life-cycle savings between the two skill groups." (Author's abstract, IAB-Doku, © 2022 Elsevier).
Erfasst von	Institut für Arbeitsmarkt- und Berufsforschung, Nürnberg
Update	2022/3