Estimating Intertemporal Labour Supply Elasticities Using Structural Models
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Estimating Intertemporal Labour Supply Elasticities Using Structural Models
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Author : Olympia Bover
language : en
Publisher:
Release Date : 1988
Estimating Intertemporal Labour Supply Elasticities Using Structural Models written by Olympia Bover and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Labor categories.
Estimating Intertemporal Labour Supply Elasticities Using Structural Models
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Author : Olympia Bover Hidiroglu
language : en
Publisher:
Release Date : 1988
Estimating Intertemporal Labour Supply Elasticities Using Structural Models written by Olympia Bover Hidiroglu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with categories.
Intertemporal Labour Supply Decisions
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Author : Olympia Bover-Hidiroglu
language : en
Publisher:
Release Date : 1987
Intertemporal Labour Supply Decisions written by Olympia Bover-Hidiroglu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987 with categories.
Estimating Labour Supply Elasticities Under Rationing
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Author : Victoria L. Prowse
language : en
Publisher:
Release Date : 2009
Estimating Labour Supply Elasticities Under Rationing written by Victoria L. Prowse and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
This paper presents a structural model of the allocation of time to various non-market activities and market work by couples and single men and women. Parameters are estimated using a sample taken from the UK 2000 Time Use Survey. Own-wage effects are found to be positive for both men and women and are larger for cohabiting individuals than for singles. The presence of young children leads to a much larger increase in the time spent in home production by women than by men. However, the presence of young children causes men to increase their total time spent working by more than women.
Using Micro Data To Estimate The Intertemporal Substitution Elasticity For Labor Supply In An Implicit Contract Model
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Author : John C. Ham
language : en
Publisher:
Release Date : 2006
Using Micro Data To Estimate The Intertemporal Substitution Elasticity For Labor Supply In An Implicit Contract Model written by John C. Ham and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
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.
Three Essays In Estimating Intertemporal Substitution Elasticities Of Home Production
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Author : Kun Nam James Yu
language : en
Publisher:
Release Date : 2008
Three Essays In Estimating Intertemporal Substitution Elasticities Of Home Production written by Kun Nam James Yu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
This dissertation contains three essays that estimate the intertemporal substitution elasticities of a life cycle model that includes home production. The first essay studies the impact of including home work hours in the estimated intertemporal substitution elasticity of labor supply. We use the employment information of employed males obtained from Panel Study in Income Dynamics and Canadian Time Use datasets. We then estimate the elasticities using a two-stage estimation strategy. Our results suggest that the estimated inter-temporal substitution elasticity in the extended home production life cycle model is lower than the one in standard life cycle model without including home production. Our results are in contrast to the results obtained by Rupert et al. (2000), where they report the estimated inter-temporal substitution elasticity in the home production model to be higher than the one in standard life cycle model. The second essay critically evaluates the estimated results obtained by Rupert et al. (2000). We investigate the estimated employed male labor supply elasticities of the home production function by using the Three Time Use datasets that are employed by Rupert et al. By utilizing the two-stage estimation strategy and the generalized least square estimating method, we find that there is no evidence indicating that the estimated inter-temporal labor elasticities of employed male with home production are higher than the ones without home production. The final essay measures the inter-temporal labor supply elasticities with home production using various employed female datasets as well as different estimation methods. Using the same methodology and datasets as the previous two essays, we find that the empirical results do not provide any conclusive evidence to support the hypothesis that the home production function has increased the estimated intertemporal substitution elasticity of employed female compared to the previous results estimated without home production. Overall, the estimated results of all three essays indicate that there seems to be some willingness to substitute total (market and home) hours over the life cycle for both the employed male group and the employed female group, but it is most likely smaller than the willingness to substitute market hours over the life cycle in response to wage changes. [PUBLICATION ABSTRACT].
A Structual Labour Supply Model With Nonparametric Preferences
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Author : Arthur van Soest
language : en
Publisher:
Release Date : 2000
A Structual Labour Supply Model With Nonparametric Preferences written by Arthur van Soest and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with categories.
Nonparametric techniques are usually seen as a statistic device for data description and exploration, and not as a tool for estimating models with a richer economic structure, which are often required for policy analysis. This paper presents an example where nonparametric flexibility can be attained in a fully structural model. A structural labour supply model with a nonparametric specification of preferences is introduced, which can be used for the analysis of all sorts of (non-linear) tax and benefits changes. Moreover, the model can deal with several other problems in estimation of structural labour supply models, such as non-convex tax rules, benefits, unobserved wages of non-workers, and model coherency. The utility maximization problem is solved by discretizing the budget set and choosing the optimal leisure and income combination from a finite set of alternatives. The direct utility function is approximated with a series expansion. For a given length of the expansion, the model is estimated by smooth simulated maximum likelihood. The wage equation is estimated jointly with the labour supply model, and measurement errors in wage rates are allowed for. The model is estimated with Dutch data on labour supply of married females, for various lengths of the series expansion. Estimates of labour supply elasticities and effects of a proposed tax reform suggest that the results do not change much once the order of the series expansion is extended beyond two, even though the second order model is statistically rejected against higher order models. Monte Carlo simulations are used to show that the estimation strategy has remarkably good finite sample properties for the size of our sample. On the other hand they lead to some concern about the potential bias to measurement error in the hours variable.
Intertemporal Substitution In Macroeconomics
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Author : Ali Dib
language : en
Publisher:
Release Date : 2005
Intertemporal Substitution In Macroeconomics written by Ali Dib and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Employment (Economic theory) categories.
"The hypothesis of intertemporal substitution in labour supply has a history of empirical failure when confronted with aggregate time-series data. The authors show that a two-dimensional labour supply model, adapted to an environment with money as originally proposed by Lucas and Rapping (1969) and Lucas (1972), performs very well. The overidentifying restrictions implied by the model are far from rejected. The estimated parameters of preferences are generally stable and meaningful. Furthermore, the estimated wage elasticities of labour supply are much higher than previously found in the literature. "--pub. website.
Handbook Of Labor Economics
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Author : Orley Ashenfelter
language : en
Publisher: Elsevier
Release Date : 1999-11-18
Handbook Of Labor Economics written by Orley Ashenfelter and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-11-18 with Business & Economics categories.
Modern labor economics has continued to grow and develop since the first volumes of this Handbook were published. The subject matter of labor economics continues to have at its core an attempt to systematically find empirical analyses that are consistent with a systematic and parsimonious theoretical understanding of the diverse phenomenon that make up the labor market. As before, many of these analyses are provocative and controversial because they are so directly relevant to both public policy and private decision making. In many ways the modern development in the field of labor economics continues to set the standards for the best work in applied economics. This volume of the Handbook has a notable representation of authors - and topics of importance - from throughout the world.
The Econometrics Of Panel Data
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Author : László Mátyás
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-12-01
The Econometrics Of Panel Data written by László Mátyás and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-01 with Business & Economics categories.
The aim of this volume is to provide a general overview of the econometrics of panel data, both from a theoretical and from an applied viewpoint. Since the pioneering papers by Edwin Kuh (1959), Yair Mundlak (1961), Irving Hoch (1962), and Pietro Balestra and Marc Nerlove (1966), the pooling of cross sections and time series data has become an increasingly popular way of quantifying economic relationships. Each series provides information lacking in the other, so a combination of both leads to more accurate and reliable results than would be achievable by one type of series alone. Over the last 30 years much work has been done: investigation of the properties of the applied estimators and test statistics, analysis of dynamic models and the effects of eventual measurement errors, etc. These are just some of the problems addressed by this work. In addition, some specific diffi culties associated with the use of panel data, such as attrition, heterogeneity, selectivity bias, pseudo panels etc., have also been explored. The first objective of this book, which takes up Parts I and II, is to give as complete and up-to-date a presentation of these theoretical developments as possible. Part I is concerned with classical linear models and their extensions; Part II deals with nonlinear models and related issues: logit and pro bit models, latent variable models, duration and count data models, incomplete panels and selectivity bias, point processes, and simulation techniques.