The rise of US earnings inequality: Does the cycle drive the trend?

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dc.creatorHeathcote, Jonathan
dc.creatorPerri, Fabrizio
dc.creatorViolante, Giovanni L.
dc.date.accessioned2020-07-14T17:50:04Z
dc.date.available2020-07-14T17:50:04Z
dc.date.created2020-06-19
dc.description.abstractenglishWe document that declining hours worked are the primary driver of widening inequality in the bottom half of the male labor earnings distribution in the United States over the past 52 years. This decline in hours is heavily concentrated in recessions: hours and earnings at the bottom fall sharply in recessions and do not fully recover in subsequent expansions. Motivated by this evidence, we build a structural model to explore the possibility that recessions cause persistent increases in inequality; that is, that the cycle drives the trend. The model features skill-biased technical change, which implies a trend decline in low-skill wages relative to the value of non-market activities. With this adverse trend in the background, recessions imply a potential double-whammy for low skilled men. This group is disproportionately likely to experience unemployment, which further reduces skills and potential earnings via a scarring effect. As unemployed low skilled men give up job search, recessions generate surges in non-participation. Because non-participation is highly persistent, earnings inequality remains elevated long after the recession ends.spa
dc.format.extent24 páginasspa
dc.format.mimetypeapplication/pdfspa
dc.identifier.doihttps://doi.org/10.1016/j.red.2020.06.002spa
dc.identifier.issn1094-2025spa
dc.identifier.otherhttps://www.sciencedirect.com/science/article/pii/S1094202520300429?via%3Dihubspa
dc.identifier.urihttps://hdl.handle.net/20.500.12010/10496
dc.publisherScience Directeng
dc.rights.accessrightsinfo:eu-repo/semantics/openAccessspa
dc.sourcereponame:Expeditio Repositorio Institucional UJTLspa
dc.sourceinstname:Universidad de Bogotá Jorge Tadeo Lozanospa
dc.subjectGanancias perdidas por desplazamientospa
dc.subjectDesigualdadspa
dc.subjectRecesiónspa
dc.subjectCero gananciasspa
dc.subject.keywordEarnings losses upon displacementspa
dc.subject.keywordInequalityspa
dc.subject.keywordNon-participationspa
dc.subject.keywordRecessionspa
dc.subject.keywordSkill-biased technical changespa
dc.subject.keywordZero earningsspa
dc.subject.lembSíndrome respiratorio agudo gravespa
dc.subject.lembCOVID-19spa
dc.subject.lembSARS-CoV-2spa
dc.subject.lembCoronavirusspa
dc.titleThe rise of US earnings inequality: Does the cycle drive the trend?spa
dc.type.hasversioninfo:eu-repo/semantics/acceptedVersionspa
dc.type.localArtículospa

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