Labour Economics劳动经济学(英文版)(Dr Hamish Low).doc

Labour Economics劳动经济学(英文版)(Dr Hamish Low) 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 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] 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? 25 30 35 40 45 50 55 60 600 700 800 900 1000 1100 1200 1300 1400 1500 cohort1 cohort2 cohort3 Average hours worked Employment (Female) 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 cohort2 cohort3 Employment Rate Oprah Winfrey cohort Hillary Clinton cohort Elizabeth Dole cohort Proportion Participating Age 25 30 35 40 45 50 55 60 5.5 6 6.5 7 7.5 8 age Median wage per hour Wages Oprah Winfrey cohort Hillary Clinton cohort Elizabeth Dole cohort 75 80 85 90 95 5.5 6 6.5 7 7.5 8 year Median wage per hour, by year Median wage per hour Oprah Winfrey cohort Hillary Clinton cohort Elizabeth Dole cohort 26 28 30 32 34 36 38 5.5 6 6.5 7 7.5 8 8.5 9 9.5 age no full full Hillary Clinton Full Time Oprah Winfrey Full Time Hillary Clinton cohort Not Full Time Oprah Winfrey Not Full Time Returns to experience Median wage per hour Rate of E