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Intertemporal Labor Supply
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Book Synopsis Intertemporal Labor Supply by : David Edward Card
Download or read book Intertemporal Labor Supply written by David Edward Card and published by . This book was released on 1991 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: The lifecycle labor supply model has been proposed as an explanation for various dimensions of labor supply, including movements over the business cycle, changes with age, and within-person variation over time. According to the model, all of these elements are tied together by a combination of intertemporal substitution effects and wealth effects. This paper offers an assessment of the model's ability to explain the main components of labor supply, focusing on microeconomic evidence for men.
Book Synopsis Intertemporal labor supply by : David Card
Download or read book Intertemporal labor supply written by David Card and published by . This book was released on 1991 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Testing Whether Intertemporal Labor Supply is Determined Between Jobs by : Sarah Senesky
Download or read book Testing Whether Intertemporal Labor Supply is Determined Between Jobs written by Sarah Senesky and published by . This book was released on 2001 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Intertemporal Labor Supply and Intra-household Commitment by : Pierre-André Chiappori
Download or read book Intertemporal Labor Supply and Intra-household Commitment written by Pierre-André Chiappori and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper adopts an intertemporal labor supply perspective to propose a test that allows us to distinguish between intra-household non-commitment, limited commitment, and full commitment. It investigates whether, after controling for current and future (expected) wages, past wage shocks have a lasting and significant impact on present labor supply and public consumption. Using a semi-log parametrization of labor supply and data from the Panel Study of Income Dynamics for the US, the paper shows positive evidence in favor of the limited commitment model. Specifically, unexpected past wage shocks affect labor supply in exactly the way predicted by theory, as spouses' past wage deviations have a negative impact on their labor supply and a positive impact on their spouses'. In addition, wives' past wage shocks also impact negatively household public expenditure on housing.
Book Synopsis Intertemporal Substitution in Labor Supply by : Joseph G. Altonji
Download or read book Intertemporal Substitution in Labor Supply written by Joseph G. Altonji and published by . This book was released on 1984 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Intertemporal Substitution in Labor Supply by : Joseph Altonji
Download or read book Intertemporal Substitution in Labor Supply written by Joseph Altonji and published by . This book was released on 1986 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Intertemporal Labor Supply and Long Term Employment Contracts by : John M. Abowd
Download or read book Intertemporal Labor Supply and Long Term Employment Contracts written by John M. Abowd and published by . This book was released on 1986 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we compare the implications of a symmetric information contracting model and a dynamic labor supply model for changes in individual earnings and hours over time. The critical distinction between these models is whether earnings represent optimal consumption or payment for current labor services. We develop a simple test between labor supply and contracting models based on the relative variability of earnings and hours with respect to changes in productivity. If earnings represent consumption then changes in productivity generate smaller changes in earnings than hours. The opposite is true in the labor supply model. We apply our test to longitudinal data on male household heads fran the Panel Study of Income Dynamics and the National Longitudinal Survey of Older Men, focusing on individuals who do not change employers during the survey period. Neither model fits the data well. In both surveys, however, the contrihition of changes in productivity to changes in earnings is greater than the contribution to changes in hours. The data are more consistent with a labor supply interpretation, although the estimated labor supply elasticities suggest that changes in hours occur at fixed wage rates
Book Synopsis Anticipated and Unanticipated Wage Changes, Wage Risk, and Intertemporal Labour Supply by : Luigi Pistaferri
Download or read book Anticipated and Unanticipated Wage Changes, Wage Risk, and Intertemporal Labour Supply written by Luigi Pistaferri and published by . This book was released on 2002 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Intertemporal Labor Supply and Human Capital Accumulation by : Susumu Imai
Download or read book Intertemporal Labor Supply and Human Capital Accumulation written by Susumu Imai and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We solve and estimate a dynamic model that allows agents to optimally choose their labor hours and consumption and that allows for both human capital accumulation and savings. Estimation results and simulation exercises indicate that the intertemporal elasticity of substitution is much higher than the conventional estimates and the downward bias comes from the omission of the human capital accumulation effect. The human capital accumulation effect renders the life-cycle path of the shadow wage relatively flat, even though wages increase with age. Hence, a rather flat life-cycle labor supply path can be reconciled with a high intertemporal elasticity of substitution.
Book Synopsis Intertemporal Labor Supply and Long Term Employment Contracts by : John M. Abowd
Download or read book Intertemporal Labor Supply and Long Term Employment Contracts written by John M. Abowd and published by . This book was released on 2010 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we compare the implications of a symmetric information contracting model and a dynamic labor supply model for changes in individual earnings and hours over time. The critical distinction between these models is whether earnings represent optimal consumption or payment for current labor services. We develop a simple test between labor supply and contracting models based on the relative variability of earnings and hours with respect to changes in productivity. If earnings represent consumption then changes in productivity generate smaller changes in earnings than hours. The opposite is true in the labor supply model. We apply our test to longitudinal data on male household heads fran the Panel Study of Income Dynamics and the National Longitudinal Survey of Older Men, focusing on individuals who do not change employers during the survey period. Neither model fits the data well. In both surveys, however, the contrihition of changes in productivity to changes in earnings is greater than the contribution to changes in hours. The data are more consistent with a labor supply interpretation, although the estimated labor supply elasticities suggest that changes in hours occur at fixed wage rates.
Book Synopsis Intertemporal Labor Supply by : Jose Alberto Molina
Download or read book Intertemporal Labor Supply written by Jose Alberto Molina and published by . This book was released on 2018 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes an extension of the collective model for labor supply developed by Chiappori, Fortin and Lacroix (2002) to an intertemporal setting. We first develop a theoretical model to analyze the intra-household distribution of wealth in a multi-period framework, with a focus on labor supply and marriage markets. The model allows us to derive a sharing rule for non-labor income under a set of testable conditions. Second, using data from the Panel Study of Income Dynamics from years 1997 to 2015, we estimate the model using a semi-log parametrization of labor supply. Our empirical results do not reject the restrictions of the model, and point to the validity of the collective framework in an intertemporal setting. We show that wages are positively related to household labor supply, although cross and lagged effects show negative correlates. Furthermore, the ability of wives to negotiate the intra-household allocation of non-labor income is mainly driven by wages, with wives behaving altruistically, and husbands egoistically. Sex ratios appear to be nonsignificant in this relationship, although counteracting effects between labor and marriage markets may influence estimates.
Book Synopsis Weather and Intertemporal Labor Supply by : Jens J. Krüger
Download or read book Weather and Intertemporal Labor Supply written by Jens J. Krüger and published by . This book was released on 2017 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dynamic models of labor supply suggest that workers intertemporally substitute labor for leisure as a response to transitory wage changes. Empirical estimates of intertemporal substitution are difficult to interpret as wage changes are rarely transitory and workers may not be able to choose their working time freely. We address both issues by estimating an intertemporal labor supply model with German time-use data and weather information. Our results provide some evidence on an interday labor supply substitution effect for women but not for men.
Book Synopsis SECTORAL SHOCKS, UNEMPLOYMENT AND INTERTEMPORAL LABOR SUPPLY by : John C. HAM
Download or read book SECTORAL SHOCKS, UNEMPLOYMENT AND INTERTEMPORAL LABOR SUPPLY written by John C. HAM and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Intertemporal Substitution and Household Production in Labor Supply by : Guillermo Felices
Download or read book Intertemporal Substitution and Household Production in Labor Supply written by Guillermo Felices and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Intertemporal Labor Supply and Long Term Employment Contracts by :
Download or read book Intertemporal Labor Supply and Long Term Employment Contracts written by and published by . This book was released on 1986 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Intertemporal Labor Supply and Involuntary Unemployment by :
Download or read book Intertemporal Labor Supply and Involuntary Unemployment written by and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Using Micro Data to Estimate the Intertemporal Substitution Elasticity for Labor Supply in an Implicit Contract Model by : John C. Ham
Download or read book Using Micro Data to Estimate the Intertemporal Substitution Elasticity for Labor Supply in an Implicit Contract Model written by John C. Ham and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economists have devoted substantial resources to estimating the intertemporal substitution elasticity for labor supply because this elasticity plays a crucial role in the real business cycle literature. Generally, the estimates of the elasticity have been too low to explain business cycles. Economists have responded by trying to modify real business cycle models to allow for smaller elasticities, but they have experienced mixed success at best. However, the standard intertemporal substitution model has not done well when tested, and if this model is incorrect, so will be the estimated labor supply elasticities based upon it. An equilibrium alternative to the standard intertemporal labor supply model is the implicit contract model. In this latter model firms and workers bargain over state-contingent contracts denominated in terms of consumption and hours of work. Further, the price of leisure is the marginal product of labor or the shadow wage, which differs from the observed wage. A number of studies have found that the data are compatible with an implicit contract model; in particular in Ham and Reilly (2002) we found that we could reject a separable (within period) implicit contract model but not a non-separable one. If an implicit contract model is appropriate, this is the context in which we should try to estimate the intertemporal labor supply elasticity. However this estimation is potentially quite difficult with micro data since the shadow wage (marginal product of labor) is unobserved. In this paper we first develop a procedure that allows one to estimate the intertemporal substitution elasticity in an implicit contract model from micro data. We then implement this procedure using the Panel Study of Income Dynamics (PSID) and the Consumer Expenditure Survey (CES). We obtain statistically significant elasticities of 0.9 with the PSID and 1.0 with the CES. The consistency of the estimate across the data sets is impressive given that we use different estimation approaches (micro data versus synthetic cohorts) and different consumption measures (food consumption versus total nondurable consumption) in the two data sets. These results are three times larger than existing estimates based on the standard intertemporal supply elasticity from this data set and thus offer more hope that equilibrium perspectives on the labor market are capable of tracking the data. Given that the implicit contract model is less likely to be rejected than the standard model in our work and other research, we believe that our approach should prove to be quite useful.
