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Essays in Quantitative Macroeconomics.

Yum, Minchul.

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Essays in Quantitative Macroeconomics.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays in Quantitative Macroeconomics./
作者:	Yum, Minchul.
面頁冊數:	119 p.
附註:	Source: Dissertation Abstracts International, Volume: 76-11(E), Section: A.
Contained By:	Dissertation Abstracts International76-11A(E).
標題:	Economic theory. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3710452
ISBN:	9781321863147

Essays in Quantitative Macroeconomics.
Yum, Minchul.

Essays in Quantitative Macroeconomics. - 119 p.

Source: Dissertation Abstracts International, Volume: 76-11(E), Section: A.

Thesis (Ph.D.)--The Ohio State University, 2015.

My dissertation explores topics in macroeconomics related to labor markets. In the first chapter, "Parental Time Investment and Human Capital Formation: A Quantitative Analysis of Intergenerational Mobility," I study economic mobility across generations. A large literature has documented low intergenerational mobility in the U.S. over the last few decades, prompting a growing interest in understanding mechanisms underlying intergenerational mobility. In this paper, I construct a quantitative general equilibrium model that explores parental time investment in preschool-aged and younger children as a channel through which economic status can be transmitted intergenerationally. Altruistic parents differ in their own human capital and assets, and in the human capital of their children. They each decide how to split their time across investment in their child's human capital, market work, and leisure. My calibrated model reproduces the quintile transition matrix of income as well as the lifecycle inequality seen in U.S. data. Decomposing its results, I find that heterogeneity in the amount of parental time investment accounts for nearly 20 percent of the observed persistence in intergenerational income. Despite their higher opportunity costs of time, more skilled parents choose to invest more time in their young children. This force significantly amplifies the intergenerational correlation of human capital. Policy experiments suggest that interventions targeted at the college decision have little effect on intergenerational mobility. By contrast, I find that those targeted at parental time investment decisions, such as a proportional subsidy for such investments, may be an effective way to increase intergenerational mobility as well as social welfare, since they disproportionately raise investment in the children from disadvantaged families.

ISBN: 9781321863147Subjects--Topical Terms:

1556984
Economic theory.

Essays in Quantitative Macroeconomics.
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500 $a Source: Dissertation Abstracts International, Volume: 76-11(E), Section: A.
500 $a Adviser: Julia K. Thomas.
502 $a Thesis (Ph.D.)--The Ohio State University, 2015.
520 $a My dissertation explores topics in macroeconomics related to labor markets. In the first chapter, "Parental Time Investment and Human Capital Formation: A Quantitative Analysis of Intergenerational Mobility," I study economic mobility across generations. A large literature has documented low intergenerational mobility in the U.S. over the last few decades, prompting a growing interest in understanding mechanisms underlying intergenerational mobility. In this paper, I construct a quantitative general equilibrium model that explores parental time investment in preschool-aged and younger children as a channel through which economic status can be transmitted intergenerationally. Altruistic parents differ in their own human capital and assets, and in the human capital of their children. They each decide how to split their time across investment in their child's human capital, market work, and leisure. My calibrated model reproduces the quintile transition matrix of income as well as the lifecycle inequality seen in U.S. data. Decomposing its results, I find that heterogeneity in the amount of parental time investment accounts for nearly 20 percent of the observed persistence in intergenerational income. Despite their higher opportunity costs of time, more skilled parents choose to invest more time in their young children. This force significantly amplifies the intergenerational correlation of human capital. Policy experiments suggest that interventions targeted at the college decision have little effect on intergenerational mobility. By contrast, I find that those targeted at parental time investment decisions, such as a proportional subsidy for such investments, may be an effective way to increase intergenerational mobility as well as social welfare, since they disproportionately raise investment in the children from disadvantaged families.
520 $a In the next chapter, "Indivisible Labor with Endogenous Hours: Micro and Macro Labor Supply Elasticities," I study a long-standing discrepancy regarding the magnitude of the Frisch (intertemporal) labor supply elasticity. Empirical studies using individual level data typically uncover an estimated Frisch elasticity below 0.5. By contrast, in the quantitative macroeconomics literature on business cycles, the Frisch elasticity of the representative household (the macro labor supply elasticity) inferred from aggregate time series is often much larger, typically exceeding 2. I explore the quantitative relationship between the individual-level Frisch elasticity along the intensive hours-of-work margin and the macro-level Frisch elasticity in an equilibrium business cycle model. I extend the pure indivisible labor model of Rogerson (1988) and Hansen (1985), allowing firms to choose hours as well as employment. Although a firm would optimally select a fixed workweek given a nonlinear mapping from hours worked to labor services, it has an incentive to adjust both hours (the intensive margin) and employment (the extensive margin) over the business cycle when confronted with employment adjustment costs. A notable feature of the performance of my model is its ability to reproduce both the volatility and persistence of aggregate hours along the intensive margin while retaining the success of the pure indivisible labor models in terms of the large volatility of total hours. My quantitative analysis reveals that the macro labor supply elasticity is approximately twice as large as the individual labor supply elasticity, and thus accounts for a significant portion of the discrepancy between micro- versus macro- based measures of the elasticity of labor supply.
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