# ps2 - econ 3140-2 problem set two due Friday February 6...

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econ 3140-2 problem set two due Friday, February 6 attempt all questions 1 Below are two wage distributions. The ﬁrst is the distribution of nominal weekly wages for all US workers. The second is for US workers whose have a college degree, but no higher degrees. For example, in 2001, a worker making \$305 a week would be earning more than 10% of all workers. A worker making \$1,398 was commanding a higher wage than 90% of all workers, etc. In 2001, the CPI was 177.1, and in 2008 the CPI was 215.3. Calculate the increase or decrease in each percentile grouping’s real wages. Which groups of workers saw their real wages rise between 2001 and 2008? Which groups saw their wages fall or stay stagnant? ( Hint: This is similar to the bond question we did in section. ) (Data from the Bureau of Labor Statistics Current Population Survey) Nominal Weekly Earnings of All US Workers Year 10th 25th Median 75th 90th Percentile Percentile (50th Percentile) Percentile Percentile 2001 \$305 \$423 \$630 \$942 \$1,398 2008 \$369 \$511 \$761 \$1,167 \$1,758 Nominal Weekly Earnings of US Workers with a Bachelor’s Degree Year 10th 25th Median 75th 90th Percentile Percentile (50th Percentile) Percentile Percentile 2001 \$435 \$609 \$858 \$1,256 \$1,767 2008 \$510

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## This note was uploaded on 08/29/2009 for the course ECON 314 taught by Professor Bar during the Spring '08 term at Cornell.

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ps2 - econ 3140-2 problem set two due Friday February 6...

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