NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Wages and Human Capital in the U.S. Financial Industry: 1909-2006

Thomas Philippon, Ariell Reshef

NBER Working Paper No. 14644
Issued in January 2009

---- Acknowledgements -----

We have benefited from discussions with George Allayannis, Effi Benmelech, Peter Debare, Douglas Diamond, Mary Frank, Carola Frydman, Claudia Goldin, Marty Gruber, Larry Katz, Donghoon Lee, Ross Levine, Marc Lipson, Holger Mueller, Tony Saunders, Andrei Shleifer, Bill Silber, Richard Sylla, and Jeff Wurgler, as well as seminar participants at NYU, Harvard, The Federal Reserve Bank of Richmond and the Darden School of Business. We thank David Autor for sharing with us data on occupational task intensities. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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