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“Golden Ages”: A Tale of the Labor Markets in China and the United States

Author

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  • Hanming Fang
  • Xincheng Qiu

Abstract

The peak age of the earnings profile in China declined from 55 in the 1990s to 35 in the 2010s, while in the United States it remained steady at around 50. Motivated by this and other facts, we propose and empirically implement a decomposition framework to infer from repeated cross-sectional earnings data the experience, cohort, and time effects. We find that China experienced a considerably larger intercohort human capital growth and increase in human capital rental price, but lower life-cycle human capital accumulation, compared to the United States. We use the inferred components to revisit several applications in macroeconomics and labor economics.

Suggested Citation

  • Hanming Fang & Xincheng Qiu, 2023. "“Golden Ages”: A Tale of the Labor Markets in China and the United States," Journal of Political Economy Macroeconomics, University of Chicago Press, vol. 1(4), pages 665-706.
    • Handle: RePEc:ucp:jpemac:doi:10.1086/726843
    DOI: 10.1086/726843
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    Cited by:

    1. Chernina, Eugenia & Gimpelson, Vladimir, 2023. "Do wages grow with experience? Deciphering the Russian puzzle," Journal of Comparative Economics, Elsevier, vol. 51(2), pages 545-563.

    More about this item

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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