The Price of Experience
研究发现人口结构变化驱动的要素供给，能解释过去四十年经验回报的大幅波动，以及不同教育组和年龄组的年龄溢价与大学溢价差异，对理解生命周期收入模式有重要参考。
We identify a key role of factor supply, driven by demographic changes, in shaping several empirical regularities that are a focus of active research in macro and labor economics. In particular, demographic changes alone can account for the large movements of the return to experience over the last four decades, for the differential dynamics of the age premium across education groups emphasized by Katz and Murphy (1992), for the differential dynamics of the college premium across age groups emphasized by Card and Lemieux (2001), and for the changes in cross-sectional and cohort-based life-cycle profiles emphasized by Kambourov and Manovskii (2005).