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Changes in Life-Cycle Earnings: What Do Social Security Data Show?

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  • Sherwin Rosen
  • Paul Taubman

Abstract

A matched sample of Social Security and Current Population Survey records is used to examine life-cycle earnings patterns of white males over the 1951-1976 period. Estimated direct effects of schooling and experience compare well with other studies, but interaction effects with cohort do not. Younger cohorts exhibit smaller marginal returns to schooling and larger marginal returns to experience, but differences between cohorts are very small. When demographic factors, namely, veteran status, are controlled, direct cohort effects are linear in these data and show no tendency to vary with cohort size.

Suggested Citation

  • Sherwin Rosen & Paul Taubman, 1982. "Changes in Life-Cycle Earnings: What Do Social Security Data Show?," Journal of Human Resources, University of Wisconsin Press, vol. 17(3), pages 321-338.
    • Handle: RePEc:uwp:jhriss:v:17:y:1982:i:3:p:321-338
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    1. Milica Kecmanovic, 2013. "The Short-run Effects of the Croatian War on Education, Employment, and Earnings," Journal of Conflict Resolution, Peace Science Society (International), vol. 57(6), pages 991-1010, December.
    2. Antonella Biscione & Raul Caruso, 2021. "Military Expenditures and Income Inequality Evidence from a Panel of Transition Countries (1990-2015)," Defence and Peace Economics, Taylor & Francis Journals, vol. 32(1), pages 46-67, January.
    3. Joshua D. Angrist & Alan B. Krueger, 1991. "Estimating the Payoff to Schooling Using the Vietnam-era Draft Lottery," Working Papers 670, Princeton University, Department of Economics, Industrial Relations Section..
    4. Hui-Ju Tsai & Yangru Wu, 2015. "Optimal portfolio choice with asset return predictability and nontradable labor income," Review of Quantitative Finance and Accounting, Springer, vol. 45(1), pages 215-249, July.
    5. Lauren L. Schmitz & Dalton Conley, 2016. "The Effect of Vietnam-Era Conscription and Genetic Potential for Educational Attainment on Schooling Outcomes," NBER Working Papers 22393, National Bureau of Economic Research, Inc.
    6. Lindquist, Matthew J. & Böhlmark, Anders, 2005. "Life-Cycle Variations in the Association between Current and Lifetime Income: Country, Cohort and Gender Comparisons," Working Paper Series 4/2005, Stockholm University, Swedish Institute for Social Research.
    7. Saraswata Chaudhuri & Elaina Rose, 2009. "Estimating the Veteran Effect with Endogenous Schooling when Instruments are Potentially Weak," Working Papers UWEC-2009-07, University of Washington, Department of Economics.
    8. Stephen R. Barley, 1998. "Military Downsizing and the Career Prospects of Youths," The ANNALS of the American Academy of Political and Social Science, , vol. 559(1), pages 141-157, September.
    9. Erin Todd Bronchetti & Melissa McInerney, 2017. "Does Increased Access to Health Insurance Impact Claims for Workers' Compensation? Evidence from Massachusetts Health Care Reform," Upjohn Working Papers 17-277, W.E. Upjohn Institute for Employment Research.
    10. David Neumark, 1992. "Are Rising Wage Profiles a Forced-Saving Mechanism?," NBER Working Papers 4213, National Bureau of Economic Research, Inc.
    11. Angrist, Joshua & Krueger, Alan B, 1994. "Why Do World War II Veterans Earn More Than Nonveterans?," Journal of Labor Economics, University of Chicago Press, vol. 12(1), pages 74-97, January.
    12. Jennifer L. Steele & Peter Buryk & Geoffrey McGovern, 2018. "Student Veterans’ Outcomes by Higher Education Sector: Evidence from Three Cohorts of the Baccalaureate and Beyond," Research in Higher Education, Springer;Association for Institutional Research, vol. 59(7), pages 866-896, November.
    13. Douglas H. Frank, 2012. "As Luck Would Have It: The Effect of the Vietnam Draft Lottery on Long-Term Career Outcomes," Industrial Relations: A Journal of Economy and Society, Wiley Blackwell, vol. 51(2), pages 247-274, April.
    14. Bäckström, Peter, 2023. "Swedish Veterans After Bosnia: The Relationship Between Military Deployment and Labour Market Marginalisation," Umeå Economic Studies 1011, Umeå University, Department of Economics.
    15. Constantin Ogloblin, 2023. "Health care financing and productivity of health care in OECD countries: a stochastic frontier analysis," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 13(2), pages 259-283, June.
    16. Amy Kate Bailey & Bryan L. Sykes, 2018. "Veteran Status, Income, and Intergenerational Mobility Across Three Cohorts of American Men," Population Research and Policy Review, Springer;Southern Demographic Association (SDA), vol. 37(4), pages 539-568, August.
    17. Ayan, Davut, 2016. "Unemployment Among the Recent U.S. Veterans," MPRA Paper 117307, University Library of Munich, Germany.
    18. Coleen K. Chrisinger, 2017. "Veterans in Workforce Development: Participation and Labor Market Outcomes," Upjohn Working Papers 17-274, W.E. Upjohn Institute for Employment Research.
    19. Gudrun Biffl, 2003. "Implikationen eines Freiwilligenheeres für den österreichischen Arbeitsmarkt," WIFO Monatsberichte (monthly reports), WIFO, vol. 76(1), pages 47-62, January.
    20. Reizer, Balázs & Háló, Buda, 2020. "A sorkatonaság munkaerőpiaci hatásai Magyarországon [The effect of compulsory military service on wages in Hungary]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 878-910.
    21. Anders Bohlmark & Matthew J. Lindquist, 2006. "Life-Cycle Variations in the Association between Current and Lifetime Income: Replication and Extension for Sweden," Journal of Labor Economics, University of Chicago Press, vol. 24(4), pages 879-900, October.

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