Education and Matching under Risk

Ilse Lindenlaub
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Ilse Lindenlaub: Yale University

No 1544, 2016 Meeting Papers from Society for Economic Dynamics

Abstract: This paper develops a theory that relates two seemingly unrelated facts: First, while US educational attainment has drastically increased during most of the last century, in recent decades this trend has stagnated. Second, roughly at the same time when educational growth slowed down, there was a shift in the composition of earnings shocks with transitory shocks becoming relatively more important in overall earnings volatility compared to permanent shocks. We study a dynamic general equilibrium matching model, in which heterogeneous agents face idiosyncratic permanent and transitory income risk and make educational choices....

Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed016:1544

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