Publication: Trading up and the skill premium
Trading up and the skill premium
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Jaimovich, N., Rebelo, S., Wong, A., & Zhang, M. B. (2020). Trading up and the skill premium. NBER Macroeconomics Annual, 34, 285–316. https://doi.org/10.1086/707185
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We study the impact on the skill premium of increases in the quality of goods consumed by households (“trading up”). Our empirical work shows that high-quality goods are more intensive in skilled labor than low-quality goods and that household spending on high-quality goods rises with income. We propose a model consistent with these facts. This model accounts for the past rise in the skill premium with more plausible rates of skill-biased technical change than those required by the canonical model. It also implies that an expansion of
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- Jaimovich, Nir
- Rebelo, Sergio
- Wong, Arlene
- Zhang, Miao Ben
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Jaimovich, N., Rebelo, S., Wong, A., & Zhang, M. B. (2020). Trading up and the skill premium. NBER Macroeconomics Annual, 34, 285–316. https://doi.org/10.1086/707185
