Table 1.
Descriptive Covariance Regressions for Log Annual Earnings
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Intercept | .1253* (.0006) | .0846* (.0045) | .0823* (.0049) | .0878* (.0082) |
| D | .1811* (.0050) | .1296* (.0080) | .1319* (.0087) | .1656* (.0132) |
| t | - | .0058* (.0003) | .0061* (.0003) | .0059* (.0003) |
| Dt | - | .0059* (.0005) | .0056* (.0005) | .0014 (.0012) |
| A2 | - | .0023* (.0003) | .0023* (.0003) | .0012 (.0004) |
| DA2 | - | −.0029* (.0003) | −.0029* (.0003) | −.0038* (.0005) |
| (A2−A1) | - | −.0165* (.0014) | −.0168* (.0014) | −.0135* (.0015) |
| (A2−A1)2/100 | - | .0476* (.0068) | .0537* (.0068) | .0712* (.0085) |
| U2 | - | - | .0065* (.0010) | .0059* (.0009) |
| DU2 | - | - | .0097* (.0027) | .0101* (.0027) |
| U1 | - | - | .0020 (.0011) | .0021* (.0011) |
| tA2/10 | - | - | - | .0010* (.0003) |
| tDA2/10 | - | - | - | .0012* (.0005) |
| t(A2−A1)/10 | - | - | - | −.0042* (.0011) |
| Chi-squareda (df) | 2272 (551) | 1029 (545) | 1138 (542) | 1101 (539) |
Notes: Standard errors in parentheses
*
significant at the 10 percent level n=553
Unemployment rate is for all U.S. male civilians 20 and over.
D=diagonal dummy; A2 = the older age minus 20; A1 = the younger age minus 20; t = year at age A2 minus 1969; U2 = unemployment rate at age A2; U1 = unemployment rate at age A1
a
Statistic=ne’S−1e, where e is the vector of estimated residuals and S is their empirical covariance matrix.