AN ESTIMABLE DYNAMIC GENERAL EQUILIBRIUM MODEL OF WORK, SCHOOLING, AND OCCUPATIONAL CHOICE*

Donghoon Lee

133 citations0/0 files storedInternational Economic Review

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Labor market dynamics and wage inequality Education and Labor Relations Economic theories and models

Abstract

This article develops and estimates a dynamic general equilibrium overlapping‐generations model of career decisions. The model is fit to data on life cycle employment, schooling, and occupation decisions and on life cycle labor earnings, within and between cohorts observed in the United States between 1968 and 1993. Based on the estimates of the model, the impact of cohort size on skill prices and the general equilibrium effect of a tuition subsidy are assessed.

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References

1974Schooling, Experience, and Earnings 1984A Method for Minimizing the Impact of Distributional Assumptions in Econometric Models for Duration Data 1967The Production of Human Capital and the Life Cycle of Earnings 2000Capital-skill Complementarity and Inequality: A Macroeconomic Analysis 1997The Career Decisions of Young Men 1978Education and Self-Selection 1998Explaining Rising Wage Inequality: Explorations with a Dynamic General Equilibrium Model of Labor Earnings with Heterogeneous Agents 2001The Effect of Parental Transfers and Borrowing Constraints on Educational Attainment

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