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Author: Sepulveda, Facundo

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1.	Mendez, Fabio Sepulveda, Facundo
1.	A Comparative Study of Training in the Private and Public Sectors: Evidence from the United Kingdom and the United States Contemporary Economic Policy 34,1 (January 2016): 107-118. Also: http://onlinelibrary.wiley.com/doi/10.1111/coep.12120/abstract Cohort(s): NLSY79 Publisher: Western Economic Association International Keyword(s): British Household Panel Survey (BHPS); Training; Training, Employee; Wage Effects Formal training programs are one of the main channels through which workers become more productive and experience wage growth. So far, however, most of the results on the effects of employer-provided training come from studying the training received by private sector workers only. We extend the literature by identifying and comparing the effects of private-employer-provided and public-employer-provided training in the United States and the United Kingdom. We address this question using two independent data sets from the British Household Panels Surveys and the American National Longitudinal Survey of Youth of 1979.
	Bibliography Citation Mendez, Fabio and Facundo Sepulveda. "A Comparative Study of Training in the Private and Public Sectors: Evidence from the United Kingdom and the United States." Contemporary Economic Policy 34,1 (January 2016): 107-118.

2.	Mendez, Fabio Sepulveda, Facundo
2.	Monopsony Power in Occupational Labor Markets Journal of Labor Research 40 (2019): 387-411. Also: https://link.springer.com/article/10.1007/s12122-019-09289-w Cohort(s): NLSY79 Publisher: Springer Keyword(s): Benefits, Fringe; Labor Market Demographics; Monopsony Employers; Wages Permission to reprint the abstract has not been received from the publisher. We collect data from the 1979 National Longitudinal Survey of Youth and create comparable measures of monopsonistic power for up to 46 occupational labor markets in the USA, starting in 1979 and ending in 2000. Our results suggest most occupational labor markets during that period were characterized by substantial amounts of monopsonistic, wage-setting power. Furthermore, after controlling for individual, time, and industry fixed effects, our results show a negative and significant correlation between the extent of monopsony power that characterizes a market and both, the wages and fringe benefits received by workers.
	Bibliography Citation Mendez, Fabio and Facundo Sepulveda. "Monopsony Power in Occupational Labor Markets." Journal of Labor Research 40 (2019): 387-411.

3.	Mendez, Fabio Sepulveda, Facundo
3.	The Cyclicality of Skill Acquisition: Evidence from Panel Data American Economic Journal: Macroeconomics 4,3 (July 2012): 128-152. Also: http://www.aeaweb.org/articles.php?doi=10.1257/mac.4.3.128 Cohort(s): NLSY79 Publisher: American Economic Association Keyword(s): Education; Employment; Skill Formation; Skills; Training Permission to reprint the abstract has not been received from the publisher. This paper presents new empirical evidence regarding the cyclicality of skill acquisition activities. The paper studies both training and schooling episodes at the individual level using quarterly data from the NLSY79 for a period of 19 years. We find that aggregate schooling is strongly countercyclical, while aggregate training is acyclical. Several training categories, however, behave procyclically. The results also indicate that firm-financed training is procyclical, while training financed through other means is countercyclical; and that the cyclicality of skill acquisition investments depends significantly on the educational level and the employment status of the individual. (JEL E24, E32, I20, J24)
	Bibliography Citation Mendez, Fabio and Facundo Sepulveda. "The Cyclicality of Skill Acquisition: Evidence from Panel Data ." American Economic Journal: Macroeconomics 4,3 (July 2012): 128-152.

4.	Sepulveda, Facundo
4.	Essays in Quantitative Economics Ph.D. Dissertation, Michigan State University, 2002 Cohort(s): NLSY79 Publisher: UMI - University Microfilms, Bell and Howell Information and Learning Keyword(s): Environment, Pollution/Urban Density; Skills; Time Preference This dissertation contains three essays in quantitative macroeconomics. The first chapter, "Precautionary savings in general equilibrium," uses a calibrated stochastic OLG model to address three questions about US savings and wealth accumulation: first, does an equilibrium display buffer stock savings by agents? Second, is this equilibrium consistent with savings behavior of US households? And finally, what level of precautionary savings arises when general equilibrium effects are accounted for? I find that given observed earnings risk, the rates of time preference that are consistent with the equilibrium are very close to the interest rate, so no buffer stock behavior is observed. Moreover, the equilibrium reproduces important facts about savings behavior of US households. Finally, accounting for general equilibrium effects lowers the size of precautionary wealth to about 35% of aggregate wealth, or 30 to 50% less than partial equilibrium estimates. The second chapter, "Green taxes and double dividends in a dynamic economy," asks whether a tax recycling experiment would deliver a double dividend in the US economy. According to the double dividend hypothesis, environmental taxes may raise revenue that can be used to lower other (pre-existing) tax distortions apart from decreasing pollution externalities. This hypothesis is evaluated using a dynamic general equilibrium model of capital accumulation. I find that, although in the long run pollution may worsen, the green dividend-higher discounted utility from a cleaner environment-would be obtained under all tax changes, due to a better environment during most of the transition. The efficiency dividend however-higher discounted utility from consumption of traded goods-will obtain only for target levels of the green tax below a critical number. In the third chapter, "Training and business cycles," I examine the behavior of skill acquisition through training at business cycles frequencies. First, a time series of training is constructed using individual data from the NLSY79 database. After documenting the cyclical properties of the series, I discuss what features are needed for a RBC model to successfully reproduce them. I find that training is weakly countercyclical, leads the cycle, and has a standard deviation of about ten times output. A model where employment, but not weekly hours, is costly to adjust, is able to account for most of the documented regularities.
	Bibliography Citation Sepulveda, Facundo. Essays in Quantitative Economics. Ph.D. Dissertation, Michigan State University, 2002.

5.	Sepulveda, Facundo Mendez, Fabio
5.	The Cyclicality of Skill Acquisition: Evidence from Panel Data Centre for Applied Macroeconomic Analysis (CAMA) Working Paper No. 13-2011, Australian National University, June 2011. Also: http://cama.anu.edu.au/Working%20Papers/Papers/2011/Sepulveda_Mendez132011.pdf Cohort(s): NLSY79 Publisher: Australian National University - Canberra Keyword(s): Schooling; Skill Formation; Skills; Training Permission to reprint the abstract has not been received from the publisher. This paper presents new empirical evidence regarding the cyclicality of skill acquisition activities. The paper studies both training and schooling episodes at the individual level using quarterly data from the NLSY79 for a period of 19 years. We find that aggregate schooling is strongly countercyclical, while aggregate training is acyclical. Several training categories however behave procyclically. The results also indicate that firm-financed training is procyclical while training financed through other means is countercyclical; and that the cyclicality of skill acquisition investments depends significantly on the educational level and the employment status of the individual.
	Bibliography Citation Sepulveda, Facundo and Fabio Mendez. "The Cyclicality of Skill Acquisition: Evidence from Panel Data." Centre for Applied Macroeconomic Analysis (CAMA) Working Paper No. 13-2011, Australian National University, June 2011.

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