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Skill Biased Financial Development: Education, Wages and Occupations in the U.S. Financial Sector
Thomas Philippon
New York University (NYU) - Department of Finance; National Bureau of Economic Research (NBER)
Ariell Reshef
University of Virginia; New York University (NYU) - Department of Economics
September 2007
NBER Working Paper No. w13437
Abstract:
Over the past 60 years, the U.S. financial sector has grown from 2.3% to 7.7% of GDP. While the growth in the share of value added has been fairly linear, it hides a dramatic change in the composition of skills and occupations. In the early 1980s, the financial sector started paying higher wages and hiring more skilled individuals than the rest of economy. These trends reflect a shift away from low-skill jobs and towards market-oriented activities within the sector. Our evidence suggests that technological and financial innovations both played a role in this transformation. We also document an increase in relative wages, controlling for education, which partly reflects an increase in unemployment risk: Finance jobs used to be safer than other jobs in the private sector, but this is not longer the case.
Number of Pages in PDF File: 47
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Date posted: September 24, 2007
Suggested CitationPhilippon, Thomas and Reshef, Ariell, Skill Biased Financial Development: Education, Wages and Occupations in the U.S. Financial Sector (September 2007). NBER Working Paper No. w13437. Available at SSRN: http://ssrn.com/abstract=1016348
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