WAGE VOLATILITY AND CHANGING PATTERNS OF LABOR SUPPLY
基于PSID数据，发现1967-2000年间美国男性技能与非技能工人的工时差距扩大，技能工人工资波动增幅是非技能工人的三倍，一般均衡模型显示工时调整和预防性储蓄分别解释了短期和长期的自我保险机制。
Abstract Over the past few decades, the skilled–unskilled hours differential for U.S. men increased when the skill premium rose sharply, in contrast with dominant income effects. Based on PSID data, we show that over the 1967–2000 period, skilled men experienced a three times larger increase in wage volatility than unskilled men. With the rise in wage volatility, our general equilibrium incomplete markets model generates a 2.7 hours increase in the hours differential whereas it increased by 1.4 hours in the data. We find that hours adjustments are important for self‐insurance in the short run, whereas precautionary savings play a crucial role eventually.