Inequality Overview Slides Spring 2009 David Autor Lecture 1
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1 Inequality Overview Slides Spring 2009 David Autor Lecture 1
2 Returns to Education
3 Goldin and Katz, 2007
4 Autor, Katz, Kearney (out-takes)
5 Overview Slides Productivity and Wage Growth Katz and Autor, 1999
6 Dustmann, Ludsteck and Schonberg, 2008
7 Real Wage Levels
8 Source: Robert Gordon, 2000, NBER WP 7833
9 Source: Robert Gordon, 2006
10 Source: Robert Gordon, 2006
11 Source: Robert Gordon, 2000, NBER WP 7752
12
13 Autor, Katz, Kearney 2008
14 Changes in Composition-Adjusted Male Full Time Log Weekly Wages Changes in Log Real Wage Levels (1963 = 0) A. Males HS Dropout Some College Post-College HS Grads Exactly College Autor 2008
15 Changes in Log Real Wage Levels (1963 = 0) Changes in Composition-Adjusted Female Full Time Log Weekly Wages B. Females HS Dropout Some College Post-College HS Grads Exactly College Autor 2008
16 Wage Distribution and Top Incomes
17 Autor, Katz, Kearney 2008
18 Log 90/10 wage ratio Overall Male 90/10 Wage Inequality CPS March Full-Time CPS May/ORG Hourly Autor, Katz, Kearney 2008
19 37.5% 35.0% 32.5% 30.0% 27.5% 25.0% 22.5% 20.0% FIGURE 8 The Top Decile Wage Income Share, Share (in %) Piketty and Saez 2003
20 Share of total income accruing to each group 25% 20% 15% 10% 5% 0% Top 1% (incomes above $382,600 in 2006) Top 5-1% (incomes between $148,400 and $382,600) Top 10-5% (incomes between $104,700 and $148,400) FIGURE 2 Decomposing the Top Decile US Income Share into 3 Groups, Piketty and Saez 2003
21 50% 45% 40% 35% 30% 25% FIGURE 1 The Top Decile Income Share, Top 10% Income Share Excluding capital gains Including capital gains Piketty and Saez 2003
22 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% FIGURE 3 The Top 0.01% Income Share, Top 0.01% Income Share Including capital gains Excluding capital gains Piketty and Saez 2003
23 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% Salaries Capital Income Business Income Capital Gains FIGURE 4B The Top 0.1% Income Share and Composition, Piketty and Saez 2003
24 $100,000,000 $10,000,000 $1,000,000 FIGURE 11 CEO Pay versus Average Wage Income, $1,000,000 $100,000 $10,000 Piketty and Saez 2003 CEO pay (2005 dollars) Average Wage Income (2005 dollars) Rank 10 CEO pay Rank 50 CEO pay Rank 100 CEO pay Top 100 CEOs average pay Salary+Bonus rank 10 Average Salary (right scale)
25 25% 20% 15% 10% 5% 0% FIGURE 7A The Top 0.1% Wealth Share in the United States, Kopczuk and Saez 2004 Wealth Share
26 12% 11% 10% United States France United Kingdom 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% share (in %) FIGURE 12 Top 0.1% Income Shares in the U.S., France, and the U.K., Piketty and Saez 2006 NBER WP 11955
27 Saez and Veall 2005
28 Saez and Veall 2005
29 Saez and Veall 2005
30 Saez and Veall 2005
31 Piketty and Saez 2006 NBER WP 11955
32 Dustmann, Ludsteck and Schonberg, 2008
33 Dustmann, Ludsteck and Schonberg, 2008
34 Polarization
35 Autor and Dorn 2008a
36 Lemieux, 2007
37 Hourly wage ratio Ratios of 90th, 50th and 10th Percentile Real Hourly Earnings, /50 (3 Year Moving Avg.) 50/10 (3 Year Moving Avg.) Autor, Katz, Kearney 2006
38 Autor, Katz, Kearney 2008
39 Autor, Katz, Kearney 2008
40 Real Log Wage Changes by Wage Percentile and Log real earnings change pctile Wage Percentile Autor and Dorn 2008a
41 Smoothed Changes in Employment by Occupational Skill Percentile x Change in Employment Share Skill Percentile (Ranked by Occupational Mean Wage) Autor and Dorn 2008a
42 Real Log Wage Changes by Wage Percentile and Smoothed Changes in Employment by Occupational Skill Percentile Log real earnings change pctile Wage Percentile 100 x Change in Employment Share Skill Percentile (Ranked by Occupational Mean Wage) Autor and Dorn 2008a
43 Goos and Manning, 2007
44 Dustmann, Ludsteck and Schonberg, 2008
45 Goos, Manning and Salomons 2009
46 Goos, Manning and Salomons 2009
47 Residual Inequality
48 Residual Male 90/10 Hourly Wage Inequality Log 90/10 wage ratio CPS March CPS May/ORG Autor, Katz, Kearney 2005 NBER WP #11628
49 Residual Male 90/50 Hourly Wage Inequality Log 90/50 wage ratio CPS March CPS May/ORG Autor, Katz, Kearney 2005 NBER WP #11628
50 Residual Male 50/10 Hourly Wage Inequality Log 50/10 wage ratio CPS March CPS May/ORG Autor, Katz, Kearney 2005 NBER WP #11628
51 Log 90/10 wage ratio Residual Female 90/10 Hourly Wage Inequality CPS March CPS May/ORG Autor, Katz, Kearney 2005 NBER WP #11628
52 Residual Female 90/50 Hourly Wage Inequality Log 90/50 wage ratio CPS March CPS May/ORG Autor, Katz, Kearney 2005 NBER WP #11628
53 Residual Female 50/10 Hourly Wage Inequality Log 50/10 wage ratio CPS March CPS May/ORG Autor, Katz, Kearney 2005 NBER WP #11628
54 Earnings Instability
55 Gottschalk and Moffit 1994
56 Gottschalk and Moffit 1994
57 Gottschalk and Moffit 1994
58 Gender and Race Gaps
59 Goldin, 2006 Goldin, 2006
60 Goldin, 2006
61 Mulligan and Rubinstein 2006 Mimeo
62 Goldin, 2006
63 Goldin, 2006
64 Goldin, 2006
65 Mulligan and Rubinstein, forthcoming
66 O Neill and O Neill 2005 NBER WP 11240
67 Western and Petit, 2004
68 Western and Petit, 2004
69 Models of Wage Differentials
70 TABLE I Levels and Changes in the Educational Composition of Employment and the College+/High School Wage Premium, A. Full-Time Equivalent Employment Shares by Education Level (in percent) and Log College+/High School Wage Premium High School High School Some College College Log College+/ Dropouts Graduates College Graduates Equivalents HS Wage 1940 Census Census Census Census Census CPS CPS Census Feb. 90 CPS CPS Source: Autor, Katz, Krueger 1998 (updated to 2000)
71 Source: Katz and Murphy 1992
72 Log Relative Supply of College/Non-College Labor, Log Relative Supply Index Autor, Katz, Kearney 2005
73 A. Detrended College-High School Wage Differential and Relative Supply, Log Points Detrended Wage Differential Detrended Relative Supply Source: Autor, Katz, Kearney, 2008
74 B. Katz-Murphy Prediction Model for the College-High School Wage Gap Log Wage Gap Observed CLG/HS Gap Katz-Murphy Predicted Wage Gap: Trend Source: Autor, Katz, Kearney 2008
75 Goldin and Katz 2007
76 Goldin and Katz 2007
77 Goldin and Katz 2007
78 International Comparisons of Wage Inequality
79 Source: Blau and Kahn, ReStat 2005
80 Source: Blau and Kahn, ReStat 2005
81 Source: Leuven, Oosterbeek and van Ophem 2004
82 Source: Leuven, Oosterbeek and van Ophem 2004
83 Source: Leuven, Oosterbeek and van Ophem 2004
84 Source: Leuven, Oosterbeek and van Ophem 2004
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