Three essays on distribution of earnings, income, and wealth
Başlık çevirisi mevcut değil.
- Tez No: 400824
- Danışmanlar: PROF. JOHN DUFFY
- Tez Türü: Doktora
- Konular: Ekonomi, Economics
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 2003
- Dil: İngilizce
- Üniversite: University of Pittsburgh
- Enstitü: Yurtdışı Enstitü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 155
Özet
Özet yok.
Özet (Çeviri)
The first essay considers several education finance systems and asks which one yields a more equal earnings distribution without incurring large tax distortions. A 2T-period heterogeneous agent overlapping generations model is used. It is solved numerically and calibrated to the U.S. data. The model introduces two novel features. First, parents are allowed to leave altruistic bequests to their offspring, and second, rental rates on physical and human capital are determined by market clearing conditions in a closed economy. This makes it possible to evaluate the distortionary costs of alternative education finance policies in a more realistic general equilibrium framework. It is shown that a policy of partial subsidization of education expenditures generates higher earnings equality. More importantly, such a policy, funded by taxes on labor and capital income, and consumption, does not necessarily lead to a smaller steady state capital stock. The second essay proposes a theoretical model to account for persistence of intergenerational income and wealth inequality. Credit constraints have been used by previous studies to explain inequality and its persistence. However, in the long run, credit constraints become less binding thanks to ?trickle down? effects and do not generate sufficient degrees of persistence. This essay introduces endogenous technological change with externalities and demonstrates that this generates higher persistence by making it more difficult for the credit constrained agents to catch up as the gap they have to overcome widens due to further technological change.The third essay investigates whether international trade has contributed to increasing wage inequality between skilled and unskilled workers in Argentina, Chile, Colombia, Costa Rica, Malaysia, Mexico, the Philippines, and Uruguay after they adopted more open trade regimes in the 1980s and 1990s. It is shown that, a few sub-sectors of ?Fabricated Metals, Machinery and Equipment? industry have began to account for large shares of exports and imports simultaneously in most of these developing countries. The implications for demand for skilled labor are evaluated. It is shown that the limited amount of available data do not suggest that trade has increased demand for skilled labor, and thus contributed to wage inequality in a significant degree.
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