MARC Record from Library of Congress

LEADER: 03003cam a22003617a 4500
001 2005616493
003 DLC
005 20050218105642.0
007 cr |||||||||||
008 050203s1999 nyu sb f000 0 eng
010 $a 2005616493
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aHarrigan, James.
245 10 $aU.S. wages in general equilibrium$h[electronic resource] :$bthe effects of prices, technology, and factor supplies, 1963-1991 /$cJames Harrigan and Rita A. Balaban.
260 $a[New York, N.Y.] :$bFederal Reserve Bank of New York,$c[1999]
490 1 $aStaff reports ;$vno. 64
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 2/3/2005.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"Wage inequality in the United States has increased in the past two decades, and most researchers suspect that the main causes are changes in technology, international competition, and factor supplies. The relative importance of these causes in explaining wage inequality is important for policy making and is controversial, partly because there has been no research which has directly estimated the joint impact of these different causes. In this paper, we view wages as arising out of a competitive general equilibrium where goods prices, technology and factor supplies jointly determine outputs and factor prices. We specify an empirical model which allows us to estimate the general equilibrium relationship between wages and technology, prices, and factor supplies. The model is based on the neoclassical theory of production, and is implemented by assuming that GDP is a function of prices, technology levels, and supplies of capital and different types of labor. We treat final goods prices as being partially determined in international markets, and we use data on trends in the international economy as instruments for U.S. prices. We find that relative factor supply and relative price changes are both important in explaining the growing return to skill. In particular, we find that capital accumulation and the fall in the price of traded goods served to increase the return to education"--Federal Reserve Bank of New York web site.
650 0 $aWages$xEffect of technological innovations on$zUnited States$xEconometric models.
650 0 $aWages$xEffect of international trade on$zUnited States$xEconometric models.
650 0 $aIncome distribution$zUnited States$xEconometric models.
650 0 $aFactor proportions$zUnited States$xEconometric models.
650 0 $aPrices$zUnited States$xEconometric models.
650 0 $aEquilibrium (Economics)$xEconometric models.
700 1 $aBalaban, Rita A.
710 2 $aFederal Reserve Bank of New York.
830 0 $aStaff reports (Federal Reserve Bank of New York : Online) ;$vno. 64.
856 40 $uhttp://www.ny.frb.org/research/staff_reports/sr64.html