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  • Wage, Income and Consumption Inequality in Japan, 1981-2008: from Boom to Lost Decades | Becker-Friedman Institute Research Respository
    Inequality in Japan 1981 2008 from Boom to Lost Decades In this paper we document the main features of the distributions of wages earnings consumption and wealth in Japan since the early 1980s using four main data sources the Basic Survey on Wage Structure BSWS the Family Income and Expenditure Survey FIES the National Survey of Family Income and Expenditure NSFIE and the Japanese Panel Survey of Consumers JPSC We present an empirical analysis of inequality that specifically considers the path from individual wages and earnings to household earnings after tax income and finally consumption We find that household earnings inequality rose substantially over this period Inequality in disposable income and in consumption also rose over this period but to a lesser extent suggesting taxes and transfers as well as insurance channels available to households help to insulate household consumption from shocks to wages We find the same pattern in inequality trends when we look over the life cycle of households as we do over time in the economy Additionally we find that there are notable differences in the inequality trends for wages and hours between men and women over this period Keywords inequality trends life cycle inequality wage dynamics

    Original URL path: http://econresearch.uchicago.edu/content/wage-income-and-consumption-inequality-japan-1981-2008-boom-lost-decades (2015-06-03)
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  • The Macro-dynamics of Sorting between Workers and Firms | Becker-Friedman Institute Research Respository
    trying to view this page again after changing the URL in your browser s location bar to begin with https instead of http Please contact site admin for help if this error continues User login CNetID or Username Password Request new password Log in The Macro dynamics of Sorting between Workers and Firms We develop an equilibrium model of on the job search with ex ante heterogeneous workers and firms aggregate uncertainty and vacancy creation The model produces rich dynamics in which the distributions of unemployed workers vacancies and worker firm matches evolve stochastically over time We prove that the surplus function which fully characterizes the match value and the mobility decision of workers does not depend on these distributions We estimate the model on US labor market data from 1951 2007 and predict the fit for 2008 12 We use the model to measure the cyclicality of mismatch between workers and jobs Authors Jeremy Lise University College London Jean Marc Robin Sciences Po Paris and University College London Publication Date September 2013 BFI Initiative Human Capital and Economic Opportunity JEL Classification E24 Employment Unemployment Wages Intergenerational Income Distribution Aggregate Human Capital E32 Business Fluctuations Cycles J63 Labor Turnover Vacancies

    Original URL path: http://econresearch.uchicago.edu/content/macro-dynamics-sorting-between-workers-and-firms (2015-06-03)
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  • Taxation of earnings: The impact on labor supply and human capital | Becker-Friedman Institute Research Respository
    can switch to HTTPS by trying to view this page again after changing the URL in your browser s location bar to begin with https instead of http Please contact site admin for help if this error continues User login CNetID or Username Password Request new password Log in Taxation of earnings The impact on labor supply and human capital Can the tax system be reformed to generate the levels of revenue required to fund public goods while reducing the overall level of distortions implicit in the system This question lies at the heart of many economic analyses of tax reform including the Mirrlees Review Motivated by the aim to develop a broad set of principles for what makes a good tax system the Review was an attempt to build a base for tax reform from the large body of economic theory and empirical evidence The discussion in this paper draws on the work in the Review and concerns the taxation of labour earnings as well as relevant aspects of the welfare benefit and tax credit systems It focuses on the empirical foundations for tax reform and argues for placing the analysis of earnings taxation in a lifetime setting recognising

    Original URL path: http://econresearch.uchicago.edu/content/taxation-earnings-impact-labor-supply-and-human-capital (2015-06-03)
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  • Happy Peasants and Frustrated Achievers? Agency, Capabilities, and Subjective Well-Being | Becker-Friedman Institute Research Respository
    http Please contact site admin for help if this error continues User login CNetID or Username Password Request new password Log in Happy Peasants and Frustrated Achievers Agency Capabilities and Subjective Well Being We explore the relationship between agency and hedonic and evaluative dimensions of well being using data from the Gallup World Poll We posit that individuals emphasize one well being dimension over the other depending on their agency We test four hypotheses including whether i positive levels of well being in one dimension coexist with negative ones in another and ii individuals place a different value on agency depending on their positions in the well being and income distributions We find that i agency is more important to the evaluative well being of respondents with more means ii negative levels of hedonic well being coexist with positive levels of evaluative well being as people acquire agency and iii both income and agency are less important to well being at highest levels of the well being distribution We hope to contribute insight into one of the most complex and important components of well being namely people s capacity to pursue fulfilling lives Authors Carol Graham The Brookings Institution Milena

    Original URL path: http://econresearch.uchicago.edu/content/happy-peasants-and-frustrated-achievers-agency-capabilities-and-subjective-well-being (2015-06-03)
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  • Nash Equilibrium in Discontinuous Games | Becker-Friedman Institute Research Respository
    CNetID or Username Password Request new password Log in Nash Equilibrium in Discontinuous Games We provide several generalizations of the various equilibrium existence results in Reny 1999 Barelli and Meneghel 2013 and McLennan Monteiro and Tourky 2011 We also provide an example demonstrating that a natural additional generalization is not possible All of the theorems yielding existence of pure strategy Nash equilibria here are stated in terms of the players

    Original URL path: http://econresearch.uchicago.edu/content/nash-equilibrium-discontinuous-games (2015-06-03)
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  • Market Forces Shaping Human Capital in Eighteenth Century London | Becker-Friedman Institute Research Respository
    data from Robert Campbell s widely cited manual for prospective apprentices The London Tradesman 1747 to demonstrate the responsiveness of apprenticeship in mid eighteenth century London to market forces of supply and demand We regress apprenticeship premiums on journeymen s wages set up costs and a selection of employment conditions and requirements across 178 trades and find a significant elasticity of 0 4 with respect to wages and 0 25 with respect to set up costs We interpret this as supporting an economic model that views premiums as bounded from above by the expected benefits of acquiring the skills of the trade Lane 1996 bounded from below by the expected net training costs to the master taking into account the possibility of the apprentice terminating his service prematurely Wallis 2008 and reflecting the relative bargaining power of master and parent This supports the thesis that apprenticeship played an important role in adapting the English workforce to the skill requirements of the Industrial Revolution Moreover by demonstrating the internal and external consistency of Campbell s observations our findings support their further use as a unique invaluable source of detailed trade specific wage data from the early years of the Industrial Revolution

    Original URL path: http://econresearch.uchicago.edu/content/market-forces-shaping-human-capital-eighteenth-century-london (2015-06-03)
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  • Optimal Taxation in a Life-Cycle Economy with Endogenous Human Capital Formation | Becker-Friedman Institute Research Respository
    in Optimal Taxation in a Life Cycle Economy with Endogenous Human Capital Formation We study efficient allocations and optimal policies in a Mirrleesean life cycle economy with risky human capital accumulation and permanent ability differences We assume that ability labor supply learning effort and returns to human capital are all private information of the agents We show that the no distortion at the top result from the Mirrleesean literature may not apply if discouraging labor supply increases incentives to invest in human capital We also show that under certain conditions the inverse of the intratemporal wedge follows a random walk implying that the average intratemporal wedge increases over time This result is to our knowledge novel We calibrate a two period economy and find several notable results First to elicit learning effort it is efficient to make the consumption process risky for high ability agents while insuring low ability agents Second high ability agents face the largest expected increase in the intratemporal wedge Third high ability agents face a higher intertemporal wedge These normative prescriptions differ significantly from the existing literature that abstracts from human capital We also find large welfare gains for the U S from switching to an

    Original URL path: http://econresearch.uchicago.edu/content/optimal-taxation-life-cycle-economy-endogenous-human-capital-formation (2015-06-03)
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  • Causal Analysis after Haavelmo | Becker-Friedman Institute Research Respository
    help if this error continues User login CNetID or Username Password Request new password Log in Causal Analysis after Haavelmo Haavelmo s seminal 1943 paper is the first rigorous treatment of causality In it he distinguished the definition of causal parameters from their identification He showed that causal parameters are defined using hypothetical models that assign variation to some of the inputs determining outcomes while holding all other inputs fixed He thus formalized and made operational Marshall s 1890 ceteris paribus analysis We embed Haavelmo s framework into the recursive framework of Directed Acyclic Graphs DAG used in one influential recent approach to causality Pearl 2000 and in the related literature on Bayesian nets Lauritzen 1996 We compare an approach based on Haavelmo s methodology with a standard approach in the causal literature of DAGs the do calculus of Pearl 2009 We discuss the limitations of DAGs and in particular of the do calculus of Pearl in securing identification of economic models We extend our framework to consider models for simultaneous causality a central contribution of Haavelmo 1944 In general cases DAGs cannot be used to analyze models for simultaneous causality but Haavelmo s approach naturally generalizes to cover it

    Original URL path: http://econresearch.uchicago.edu/content/causal-analysis-after-haavelmo (2015-06-03)
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