Does Wealth Explain Black–White Differences in Early Employment Careers?
构建动态模型研究初始财富对早期职业生涯种族差异的影响，基于1979年队列全国纵向调查数据，通过反事实实验发现初始财富的影响小于劳动力市场变量。
This paper inquires on the effect of initial wealth in racial differences in early employment careers. I set up a dynamic model in which people simultaneously search for a job and accumulate wealth, and fit it to data from the National Longitudinal Survey (1979-cohort). With the recovered behavioral parameters, I perform regime changes consisting in giving blacks (i) the initial wealth distribution, and (ii) the arrival rates and wage offer distribution of whites. These counterfactual experiments show that initial wealth has a modest influence in the black-white difference in early employment careers in comparison with labor market variables.