Revisiting The Bell Curve Debate Regarding the Effects of Cognitive Ability on Wages

Table 2: Independent variable is Log of Hourly Wage Rate (Panel Analysis)

	2A	2B	2C	2D
Regression Model	Random	Fixed	Random	Fixed
Time Period	1979-1994	1979-1994	1994-2002	1994-2002
Number of Observations	96300	96300	32067	32067
General Intelligence	0.042**		0.050**
	(0.003)		(0.005)
Black	-0.012		-0.034*
	(0.010)		(0.016)
Black*test	0.014**		0.015**
	(0.004)		(0.006)
Hispanic	0.063**		0.056**
	(0.010)		(0.016)
Hispanic*test	-0.015**		-0.008
	(0.004)		(0.006)
Male	0.224**		0.228**
	(0.007)		(0.011)
Male*test	-0.013**		-0.001
	(0.003)		(0.004)
Education	0.105**	0.091**	0.100**	0.048**
	(0.002)	(0.003)	(0.003)	(0.009)
Job Tenure	0.060**	0.049**	0.034**	0.022**
	(0.001)	(0.002)	(0.002)	(0.002)
Job Tenure²	-0.003**	-0.002**	-0.001**	-0.001**
	(1.2E-04)	(1.3E-04)	(1.0E-04)	(1.1E-04)
Labor Market Exp	0.086**	0.095**	0.046**	0.073**
	(0.001)	(0.001)	(0.004)	(0.005)
Labor Market Exp²	-0.002**	-0.002**	-4.5E-04**	-0.001**
	(6.9E-05)	(7.1E-05)	(1.2E-04)	(1.3E-04)
Married	0.040**	0.029**	0.051**	0.012
	(0.004)	(0.005)	(0.008)	(0.011)
Children	-0.018**	-0.015**	0.003	4.8E-04
	(0.002)	(0.003)	(0.004)	(0.005)
Urban	0.087**	0.059**	0.030**	0.006
	(0.006)	(0.007)	(0.007)	(0.008)
Local Unemployment	-0.010**	-0.005**	-0.007**	-0.003*
	(0.001)	(0.001)	(0.001)	(0.001)
Constant	-0.182**	0.083*	0.239**	0.803**
	(0.023)	(0.042)	(0.058)	(0.114)
R-Squared	0.355	0.284	0.280	0.067

standard errors in parentheses; *significant at 5 percent level

** significant at 1 percent level

27

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