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"1980-2010"
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The gender wage gap
Using Panel Study of Income Dynamics (PSID) microdata over the 1980–2010 period, we provide new empirical evidence on the extent of and trends in the gender wage gap, which declined considerably during this time. By 2010, conventional human capital variables taken together explained little of the gender wage gap, while gender differences in occupation and industry continued to be important. Moreover, the gender pay gap declined much more slowly at the top of the wage distribution than at the middle or bottom and by 2010 was noticeably higher at the top. We then survey the literature to identify what has been learned about the explanations for the gap. We conclude that many of the traditional explanations continue to have salience. Although human-capital factors are now relatively unimportant in the aggregate, women's work force interruptions and shorter hours remain significant in high-skilled occupations, possibly due to compensating differentials. Gender differences in occupations and industries, as well as differences in gender roles and the gender division of labor remain important, and research based on experimental evidence strongly suggests that discrimination cannot be discounted. Psychological attributes or noncognitive skills comprise one of the newer explanations for gender differences in outcomes. Our effort to assess the quantitative evidence on the importance of these factors suggests that they account for a small to moderate portion of the gender pay gap, considerably smaller than, say, occupation and industry effects, though they appear to modestly contribute to these differences.
Journal Article
The Role of Entrepreneurship in US Job Creation and Economic Dynamism
An optimal pace of business dynamics—encompassing the processes of entry, exit, expansion, and contraction—would balance the benefits of productivity and economic growth against the costs to firms and workers associated with reallocation of productive resources. It is difficult to prescribe what the optimal pace should be, but evidence accumulating from multiple datasets and methodologies suggests that the rate of business startups and the pace of employment dynamism in the US economy has fallen over recent decades and that this downward trend accelerated after 2000. A critical factor in accounting for the decline in business dynamics is a lower rate of business startups and the related decreasing role of dynamic young businesses in the economy. For example, the share of US employment accounted for by young firms has declined by almost 30 percent over the last 30 years. These trends suggest that incentives for entrepreneurs to start new firms in the United States have diminished over time. We do not identify all the factors underlying these trends in this paper but offer some clues based on the empirical patterns for specific sectors and geographic regions.
Journal Article
A feminist in the White House : Midge Costanza, the Carter years, and America's culture wars
\"A feminist, an outspoken activist, a woman without a college education, Midge Costanza was one of the unlikeliest of White House insiders. Yet in 1977 she became the first female Assistant to the President for Public Liaison under Jimmy Carter, emerging as a prominent focal point of the American culture wars. Tasked with bringing the views of special interest groups to the president, Costanza championed progressive causes even as Americans grew increasingly divided on the very issues for which she fought. In A Feminist in the White House, Doreen Mattingly draws on Costanza's personal papers to shed light on the life of this fascinating and controversial woman. Mattingly chronicles Costanza's dramatic rise and fall as a public figure, from her initial popularity to her ultimate clashes with Carter and his aides. While Costanza challenged Carter to support abortion rights, gay and lesbian rights, and feminist policies, Carter faced increased pressure to appease the interests of emerging Religious Right, which directly opposed Costanza's ideals. Ultimately, marginalized both within the White House and by her fellow feminists, Costanza was pressured to resign in 1978. Through the lens of Constanza's story, readers catch a unique perspective of the rise of debates which have defined the feminist movement and sexual politics to this very day. Mattingly also reveals a wider, but heretofore neglected, narrative of the complex era of gender politics in the late 1970's Washington--a history which continues to resonate in politics today. A Feminist in the White House is a must-read for anyone with an interest in sexual politics, female politicians, and presidential history\"-- Provided by publisher.
Book
The Contribution of the Minimum Wage to US Wage Inequality over Three Decades: A Reassessment
We reassess the effect of minimum wages on US earnings inequality using additional decades of data and an IV strategy that addresses potential biases in prior work. We find that the minimum wage reduces inequality in the lower tail of the wage distribution, though by substantially less than previous estimates, suggesting that rising lower tail inequality after 1980 primarily reflects underlying wage structure changes rather than an unmasking of latent inequality. These wage effects extend to percentiles where the minimum is nominally nonbinding, implying spillovers. We are unable to reject that these spillovers are due to reporting artifacts, however.
Journal Article
Distracted Shareholders and Corporate Actions
Investor attention matters for corporate actions. Our new identification approach constructs firm-level shareholder \"distraction\" measures, by exploiting exogenous shocks to unrelated parts of institutional shareholders' portfolios. Firms with \"distracted\" shareholders are more likely to announce diversifying, value-destroying, acquisitions. They are also more likely to grant opportunistically timed CEO stock options, more likely to cut dividends, and less likely to fire their CEO for bad performance. Firms with distracted shareholders have abnormally low stock returns. Combined, these patterns are consistent with a model in which the unrelated shock shifts investor attention, leading to a temporary loosening of monitoring constraints.
Journal Article
Commonality in Liquidity: A Demand-Side Explanation
We hypothesize that a source of commonality in a stock's liquidity arises from the correlated liquidity demand of the stock's investors. Focusing on correlated trading of mutual funds, we find that stocks with high mutual fund ownership have comovements in liquidity about twice as large as those for stocks with low mutual fund ownership. Further analysis shows that the channels for these comovements derive from both common ownership across funds and funds' correlated liquidity shocks. We obtain inferences supporting causality from an exogenous flow shock for mutual funds in the aftermath of the 2003 mutual fund scandal.
Journal Article
Internal migration in the United States
\"This paper examines the history of internal migration in the United States since the 1980s. By most measures, internal migration in the United States is at a 30-year low. The widespread decline in migration rates across a large number of subpopulations suggests that broad-based economic forces are likely responsible for the decrease. An obvious question is the extent to which the recent housing market contraction and the recession may have caused this downward trend in migration: after all, relocation activity often involves both housing market activity and changes in employment. However, we find relatively small roles for both of these cyclical factors. While we will suggest a few other possible explanations for the recent decrease in migration, the puzzle remains. Finally, we compare U.S. migration to other developed countries. Despite the steady decline in U.S. migration, the commonly held belief that Americans are more mobile than their European counterparts still appears to hold true.\" (Author's abstract, IAB-Doku). Die Untersuchung enthält quantitative Daten. Forschungsmethode: empirisch-quantitativ; empirisch; Längsschnitt. Die Untersuchung bezieht sich auf den Zeitraum 1980 bis 2010.
Journal Article
Why was the Arab World poised for revolution?
What underlying long-term conditions set the stage for the Arab Spring? In recent decades, the Arab region has been characterized by an expansion in schooling coupled with weak labor market conditions. This pattern is especially pronounced in those countries that saw significant upheaval during the first year of the Arab Spring uprisings. We argue that the lack of adequate economic opportunities for an increasingly educated populace can help us understand episodes of regime instability such as the Arab Spring.
Journal Article