Testing Whether Intertemporal Labor Supply Is Determined Between Jobs
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Testing Whether Intertemporal Labor Supply Is Determined Between Jobs
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Author : Sarah Senesky
language : en
Publisher:
Release Date : 2001
Testing Whether Intertemporal Labor Supply Is Determined Between Jobs written by Sarah Senesky and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
Intertemporal Labor Supply And Long Term Employment Contracts
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Author : John M. Abowd
language : en
Publisher:
Release Date : 1986
Intertemporal Labor Supply And Long Term Employment Contracts written by John M. Abowd and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986 with Labor contract categories.
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
Intertemporal Labor Supply And Long Term Employment Contracts
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Author : John M. Abowd
language : en
Publisher:
Release Date : 2010
Intertemporal Labor Supply And Long Term Employment Contracts written by John M. Abowd and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
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.
Intertemporal Labor Supply And Intra Household Commitment
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Author : Pierre-André Chiappori
language : en
Publisher:
Release Date : 2019
Intertemporal Labor Supply And Intra Household Commitment written by Pierre-André Chiappori and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
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.
Intertemporal Substitution In Labor Supply
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Author : Joseph G. Altonji
language : en
Publisher:
Release Date : 1984
Intertemporal Substitution In Labor Supply written by Joseph G. Altonji and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with Consumption (Economics) categories.
Intertemporal Substitution And Household Production In Labor Supply
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Author : Guillermo Felices
language : en
Publisher:
Release Date : 2004
Intertemporal Substitution And Household Production In Labor Supply written by Guillermo Felices and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
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.
Weather And Intertemporal Labor Supply
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Author : Jens J. Krüger
language : en
Publisher:
Release Date : 2017
Weather And Intertemporal Labor Supply written by Jens J. Krüger and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
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.
Estimating And Testing Intertemporal Preferences
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Author : William HawkLee Chin
language : en
Publisher:
Release Date : 2005
Estimating And Testing Intertemporal Preferences written by William HawkLee Chin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
This dissertation contributes to the theory of intertemporal duality. A Frisch demand system derived from a consumer profit function is developed rationalizing consumption, labor supply and savings choices of households consistent with intertemporal maximization. A new functional form with many appealing properties is introduced. This functional form has the generality of rank 3 demand systems and additionally has the property that the conditioning variable of Frisch demand systems, the unobserved price of marginal utility, is solved explicitly via the inversion of the intertemporal budget constraint. This new functional from is applied to selected single headed households over a five year span using information from five waves of the Panel Study of Income Dynamics (PSID) from 1985 to 1989. Household wealth from the beginning and end of this period, together with income information over this observed period is used to derive aggregate household consumption. The connection between commonly maintained primal separability restrictions and the full matrix of price cross price Frisch elasticites is demonstrated. A test of consumption-labor and time separability suggests that these restrictions ought to be rejected. Cross price Frisch elasticities are found not to equal zero and this in turn affects all estimates of consumption, labor supply and saving elasticities.
Intertemporal Labor Supply
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Author : David Card
language : es
Publisher:
Release Date : 1991
Intertemporal Labor Supply written by David Card and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with categories.