Download or read book Intertemporal Substitution Money and Aggregate Labor Supply written by Donald H. Dutkowsky and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the macro-econometric credibility of the Intertemporal Substitution Hypothesis. It extends the usual formulation by considering money within the representative consumer's life cycle decision. We also provide measures of the real wage rate and asset returns based upon interpretation of the constraint as consumption-saving behavior. Estimation with quarterly U.S. data generates plausible and significant estimates of the structural parameters. The findings indicate elastic labor supply response to the wage rate but mixed results with respect to nominal returns. The estimates are reasonably robust to alternative measures of consumption, money, leisure, and rates of return.

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.

Download or read book Labor Supply and Aggregate Functions written by Robert Ernest Hall and published by . This book was released on 1979 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Issues of labor supply are at the heart of macroeconomic explanations of the large cyclical fluctuations of output observed in modern economies. This paper starts with a serious empirical examination of the view that the labor market is always in balance-that every observed combination of employment and compensation is a point of intersection of the relevant supply and demand curves. I will call this the "intertemporal substitution" model of fluctuations. According to this model, workers are willing to shift their hours of work from one year to another in response to modest shifts in relative wages. The paper goes on to point out a strong implication of the pure inter- temporal substitution model, namely, the irrelevance of changes in the money supply for the labor supply function. A model where markets clear instantly ought to obey full monetary neutrality. The data refute this implication absolutely unambiguously. The money stock unambiguously shifts the labor supply function. The pure substitution model seems untenable in the light of this evidence. The paper then turns to explanations of the nonneutrality of money in the short run. According to the most carefully worked out line of thought, monetary shocks cause workers to make inappropriate intertemporal shifts in labor supply, because they lack complete information about the source of aggregate shocks and are forced to respond in the same way to real and nominal disturbances. Finally, the paper turns to the view that, in the short run, labor supply is largely irrelevant to the determination of aggregate employment

Download or read book Intertemporal Substitution in Macroeconomics Evidence of a Two dimensional Labour Supply Mode with Money written by Phaneuf, Louis and published by . This book was released on 2005 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Intertemporal Substitution in Labour Supply written by Tony S. Wirjanto and published by . This book was released on 1992 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book On Intertemporal Substitution and Aggregate Labour Supply written by George Alogoskoufis and published by . This book was released on 1986 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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:

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:

Download or read book Substitution Over Time written by Casey B. Mulligan and published by . This book was released on 1998 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most studies of the intertemporal substitution of work use life cycle data and, from those studies, many have concluded that intertemporal labor substitution is unimportant for macroeconomics. This paper takes another look at life cycle data and argues that a consideration of measurement errors, taxes, on-the-job training the margins' composing aggregate labor supply over the life cycle suggests that substitution over time may be very important for macro fluctuations. The life cycle data used includes fairly standard male cross-section and panel data samples as well as a sample of women experiencing the termination of AFDC benefits as their youngest child turns 18 years old

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:

Download or read book Aggregate Implications of Indivisible Labor written by Casey B. Mulligan and published by . This book was released on 2001 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: I suggest that the aggregate implications of indivisible labor are few, and subtle. First, I model behavior in an 'indivisible labor' environment like those of Diamond and Mirrlees (1978, 1986), Hansen (1985), Rogerson (1988), Christiano and Eichenbaum (1992) and show that aggregate behavior in such an economy is indistinguishable from aggregates generated by the divisible labor model of Lucas and Rapping (1969); any data on aggregate hours and earnings generated by the divisible (indivisible) model can be generated by a similar parameterization of the indivisible (divisible) model. Second, I generalize the aforementioned models of indivisible labor to allow for labor supply on the 'intensive' margin, and to allow for nonlinear taxes. The aggregate implications of doing the former are quite subtle, but doing the latter suggests that the indivisibility of labor may have implications for public finance. My results also imply that backward bending aggregate labor supply, and any nonnegative degree of aggregate intertemporal substitution, are consistent with standard economic theory even when all labor is supplied on the so-called 'extensive' margin. Finally, my results suggest that the classic aggregate studies of labor supply by Mincer, Bowen and Finegan, and others have a simple microeconomic interpretation

Download or read book The Intertemporal Substitution Model of Labor Supply in an Open Economy written by Joao Ricardo Faria and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The intertemporal substitution model of labor supply has been based on closed economy models. This paper studies the intertemporal substitution hypothesis in an open economy. It derives the long run labor supply as a function of the real wage, real interest rate and real exchange rate from a standard open economy optimizing representative agent model. The paper tests the steady state solution of the model for the US and, in order to avoid the Lucas critique, it tests for the superexogeneity of the interest rate and exchange rate. In accordance with the theory, the empirical evidence is supportive of the intertemporal substitution hypothesis, the significant impact of the real exchange rate, and is robust to the Lucas critique.

Download or read book Intertemporal Substitution and Labour Supply with Time Separable Preferences written by George S. Alogoskoufis and published by . This book was released on 1985 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Supply Shocks Incentives and National Wealth written by Karl Brunner and published by . This book was released on 1981 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Allocation of Time and Goods Over the Life Cycle written by Gilbert R. Ghez and published by Columbia University Press. This book was released on 1975 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is a belief now that family behavior over the life cycle can be analyzed by economic methods. This study deals with allocation of resources by families over time.

Download or read book Handbook of Labor Economics written by Orley Ashenfelter and published by Elsevier. This book was released on 1999-11-18 with total page 800 pages. Available in PDF, EPUB and Kindle. Book excerpt: A guide to the continually evolving field of labour economics.

Download or read book The Intertemporal Substitution Model of Labor Market Fluctuations written by Joseph G. Altonji and published by . This book was released on 1981 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: