Wage Risk, Employment Risk, and the Rise in Wage Inequality
Principal Investigator(s): View help for Principal Investigator(s) Felix Wellschmied, Universidad Carlos III de Madrid; Ariel Mecikovsky, Ford Motor Company
Version: View help for Version V1
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Project Citation:
Wellschmied, Felix, and Mecikovsky, Ariel. Wage Risk, Employment Risk, and the Rise in Wage Inequality. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2024-08-28. https://doi.org/10.3886/E208723V1
Project Description
Summary:
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U.S. male residual wage inequality rose, and the employment rate fell between 1983-2013. Using a structural labor market model, we show that rising idiosyncratic wage risk and lower taxes at the bottom of the earnings distribution are the main forces behind rising wage inequality. The former contributes to the falling employment rate. Falling real wages and rising disability risk further depressed employment of workers without a college degree and rising exogenous job destruction depressed employment of workers with a college degree. Higher idiosyncratic risk entails large welfare losses with the largest losses among workers without a college degree.
Funding Sources:
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European Research Council (282740);
MICIN/AEI 10.13039/501100011033 (PID2020-117354GB-I00);
MICIN/AEI 10.13039/501100011033 (CEX2021-001181-M);
Comunidad de Madrid (EPUC3M11 (V PRICIT))
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