Abstract
We examine what determines the family income that individuals experience over their adult lives. To this end, we estimate a dynamic model of earnings, marriage, and divorce. The model also includes fertility. We explore the determinants of the earnings over a career of single and married men and women using a model of wages, employment, work hours, and earnings. We use the model to address a number of important questions in labor and family economics, including the effects of education and unobserved permanent characteristics on marital status and on spouse characteristics conditional on marriage. We also explore the dynamic response of wage rates, hours, earnings, marriage, and spouse characteristics and family income to various shocks and measure the relative contributions of the shocks to the variance of family income in a given year and over a lifetime.
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