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| Author: | Heckman, J. Lochner, L. Taber, C. |
| Title: | Explaining rising wage inequality: explorations with a dynamic general equilibrium model of labour earnings with heterogeneous agents |
| Journal: | Review of Economic Dynamics
1998 : JAN, VOL. 1:1, p. 1-58 |
| Index terms: | ECONOMIC DYNAMICS R&D INEQUALITY |
| Language: | eng |
| Abstract: | This paper develops and estimates an overlapping generations general equilibrium model of labor earnings, skill formation, and physical capital accumulation with heterogeneous human capital. The model analyzes both schooling choices and post-school on-the-job investment in skills in a framework in which different schooling levels index different skills. A key insight in the model is that accounting for the distinction between skill prices and measured wages is important for analyzing the changing wage structure, as they sometimes move in different directions. |
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