Micro- and Macroeconomic Implications of Heterogeneity in the Production of Human Capital
利用NLSY79数据估计个体层面的人力资本生产函数参数，发现考虑个体异质性可将永久性和暂时性冲击的持续性估计降低50%以上。
We derive a tractable nonlinear earnings function that we estimate separately individual by individual using NLSY79 data. We obtain three ability measures, a rate of skill depreciation, a time discount rate, and a population-wide estimate of the human capital rental rate. We utilize these parameters to verify a number of heretofore untested theorems based on the life cycle model. We show how these human capital production function parameters relate to cognitive ability, personality traits, and family background. Finally, we show that accounting for individual-specific heterogeneity dramatically reduces estimates of population-wide persistence of permanent and transitory shocks by over 50 percent.