lab1Employment(劳动经济学-剑桥大学-Dr-Hamish-Low).pptVIP

Labour Economics Dr Hamish Low Lecture 1 Course Labour supply Wage Determination Search Theory and Unemployment Insurance Outline Today Data on labour supply (life-cycle context) participation and durations of unemployment for men participation over the life-cycle for women data on wages, durations Data summary (Men) participation high and fairly constant until around age 50 duration of unemployment increasing with age lower educated: higher proportion unemployed and duration of spells longer Wages rising over the lifetime (particularly for high educated) Issues: work when young when wages are low? age affects likelihood of accepting a job? Employment (Female) Wages Rate of Exit and Duration of Exit Demographics Data summary (Women) Participation increased among younger cohorts Rise in participation among mothers Wages risen more for younger cohorts ? Fewer children, less exits from labour force and durations of exit shorter Conclusions Need a model with life-cycle aspects – age matters! what is happening to consumption? welfare? Need to know what determines wages. Why not wait until wage increases? Interaction between labour supply and wages? How much does experience matter for wages? Have to separate out age effects from cohort effects. Separate modelling of men and women? (Dr Horrell’s course – how to model households) * Participation rate Age High school or less College dropout or more 20 30 40 50 60 .6 .7 .8 .9 1 Participation rates over the life cycle , . ? High school or less Some college (Male) Employment (Male) Duration of unemployment in quarters Age High school or less Some college High school or less Some college 30 40 50 60 1 1.25 1.5 1.75 2 2.25 Age Log [wage] 25 30 35 40 45 50 55 60 600 700 800 900 1000 1100 1200 1300 1400 1500 cohort1 cohort2 cohort3 Average hours worked Oprah Winfrey cohort Hillary Clinton cohort Elizabeth Dole cohort Age 25 30 35 40 45 50 55 60 0.45 0.5 0.55 0.6 0.65 0.7 0.75 0.8 0.85 0.9 cohort1 cohor