Download or read book Estimating Labour Supply Elasticities Based on Cross country Micro Data a Bridge Between Micro and Macro Estimates written by Markus Jäntti and published by . This book was released on 2014 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Practical Microsimulation Modelling written by Cathal O'Donoghue and published by Oxford University Press. This book was released on 2021 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Practical Microsimulation Modelling' brings together a description and examples of the main methods used in microsimulation modelling used in the field of income distribution analysis. It is structured to develop and use the different types of models used in the field, with a focus on household targeted policy.
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.
Download or read book Paraguay written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2024-07 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Paraguay: Selected Issues
Download or read book The Age of Increasing Inequality written by Lars Osberg and published by James Lorimer & Company. This book was released on 2018-09-11 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: Canada is in a new era. For 35 years, the country has become vastly wealthier, but most people have not. For the top 1%, and even more forthe top 0.1%, the last 35 years have been a bonanza. Canadians know very well that there's a huge problem. It's expressed in resistance to tax increases, concerns over unaffordable housing, demands for higher minimum wages, and pressure for action on the lack of good full time jobs for new graduates. This book documents the dramatic and rapid growth in inequality. It identifies the causes. And it proposes meaningful steps to halt and reverse this dangerous trend. Lars Osberg looks separately at the top, middle and bottom of Canadian incomes. He provides new data which will surprise, even shock, many readers. He explains how trade deals have contributed to putting a lid on incomes for workers. The gradual decline of unions in the private sector has also been a factor. On the other end of the scale, he explains the growing high salaries for corporate executives, managers, and some fortunate professionals. Lars Osberg believes that increasing inequality is bad for the country, and its unfairness is toxic to public life. But there is nothing inevitable about this, and he points to innovative measures that would produce a fairer distribution of wealth among all Canadians.
Download or read book Tax and Transfer Policy Using Behavioural Microsimulation Modelling written by Creedy, John and published by Edward Elgar Publishing. This book was released on 2022-05-24 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: The international cast of authors in this important book explore how internationalizing small and medium sized enterprises (iSMEs) face major crises, such as COVID-19, and have managed them to reach a stable and desired state post-crisis. Chapter orientations vary from theoretical to empirical. Each focuses on issues related to a major crisis, and present already-deployed success strategies in 14 different country environments. The rich diversity of chapters offers a highly significant and timely contribution to the field.
Download or read book What Explains the Variation in Estimates of Labour Supply Elasticities written by Michiel Evers and published by . This book was released on 2005 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bespreking van de resultaten van een meta-analyse van empirische schattingen in de literatuur van de ongecompenseerde arbeidsaanbodelasticiteit.
Download or read book How Big Should Our Government Be written by Jon Bakija and published by Univ of California Press. This book was released on 2016-06-21 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt: The size of government is arguably the most controversial discussion in United States politics, and this issue won't fade from prominence any time soon. There must surely be a tipping point beyond which more government taxing and spending harms the economy, but where is that point? In this accessible book, best-selling authors Jeff Madrick, Jon Bakija, Lane Kenworthy, and Peter Lindert try to answer whether our government can grow any larger and examine how we can optimize growth and fair distribution.
Download or read book Taxing Ourselves written by Joel Slemrod and published by MIT Press. This book was released on 2017-06-16 with total page 530 pages. Available in PDF, EPUB and Kindle. Book excerpt: Revised edition of the authors's Taxing ourselves, 2008.
Download or read book Reconciling micro and macro labor supply elasticities a structural perspective written by Michael P. Keane and published by . This book was released on 2011 with total page 113 pages. Available in PDF, EPUB and Kindle. Book excerpt: The response of aggregate labor supply to various changes in the economic environment is central to many economic issues, especially the optimal design of tax policies. This paper surveys recent work that uses structural models and micro data to evaluate the size of this response. Whereas the earlier literature on this issue often concluded that aggregate labor supply elasticities were small, recent work has identified three key reasons that the aggregate elasticity may be quite large. First, earlier estimates abstracted from several key features, including human capital accumulation, leading to estimates that are dramatically negatively biased. Second, failure to understand that aggregate labor supply adjustments can occur along both the hours per worker and employment margins has led economists to misinterpret the implications of previous estimates for aggregate labor supply. Third, structural estimation of responses along the extensive (i.e., employment) margin are typically quite large.
Download or read book Does indivisible labor explain the difference between micro and macro elasticities A meta analysis of extensive margin elasticities written by Raj Chetty and published by . This book was released on 2011 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Macroeconomic calibrations imply much larger labor supply elasticities than microeconometric studies. The most well known explanation for this divergence is that indivisible labor generates extensive margin responses that are not captured in micro studies of hours choices. We evaluate whether existing calibrations of macro models are consistent with micro evidence on extensive margin responses using two approaches. First, we use a standard calibrated macro model to simulate the impacts of tax policy changes on labor supply. Second, we present a meta-analysis of quasi-experimental estimates of extensive margin elasticities. We find that micro estimates are consistent with macro evidence on the steady-state (Hicksian) elasticities relevant for cross-country comparisons. However, micro estimates of extensive-margin elasticities are an order of magnitude smaller than the values needed to explain business cycle fluctuations in aggregate hours. Hence, indivisible labor supply does not explain the large gap between micro and macro estimates of intertemporal substitution (Frisch) elasticities. Our synthesis of the micro evidence points to Hicksian elasticities of 0.3 on the intensive and 0.25 on the extensive margin and Frisch elasticities of 0.5 on the intensive and 0.25 on the extensive margin
Download or read book The Scandalous Rise of Inequality in Canada written by LARS OSBERG and published by James Lorimer & Company. This book was released on with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: There are more billionaires than ever in Canada – and they are capturing an ever-growing share of the country’s wealth. Meanwhile 90% of Canadians are steadily losing ground. Understanding how and why this is happening has been the focus of a lifetime of research by economist LARS OSBERG. In this book, building on his earlier book The Age of Increasing Inequality, he describes how inequality has grown steadily over decades – but is now accelerating in the post-Covid world. The Trudeau government came to power promising action to make the rich pay a fairer share, and to reduce inequality. In office, they did virtually nothing and Canada’s rich are richer than ever. Other countries are finding effective ways to tackle inequality. International organizations are proposing innovative measures to prevent the wealthy from using tax havens, and to impose new taxes capturing wealth from billionaires and globe-spanning tax-avoiding multinationals like Apple and Microsoft. LARS OSBERG identifies measures that Canada can take so that the country’s wealth is shared more fairly, and the wealth of billionaires can be used to improve the lives of Canada’s 99%.
Download or read book Reconciling Micro and Macro Estimates of the Frisch Labor Supply Elasticity written by William B. Peterman and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Aggregating Elasticities written by Orazio P. Attanasio and published by . This book was released on 2015 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is a renewed interest in the size of labour supply elasticities and the discrepancy between micro and macro estimates. Recent contributions have stressed the distinction between changes in labour supply at the extensive and the intensive margin. In this paper, we stress the importance of individual heterogeneity and aggregation problems. At the intensive margins, simple specifications that seem to fit the data give rise to non linear expressions that do not aggregate in a simple fashion. At the extensive margin, aggregate changes in participation are likely to depend on the cross sectional distribution of state variables when a shock hits and, therefore, are likely to be history dependent. We tackle these aggregation issues directly by specifying a life cycle model to explain female labour supply in the US and estimate its various components. We estimate the parameters of different component of the model. Our results indicate that (i) at the intensive margin, Marshallian and Hicksian elasticities are very heterogeneous and, on average, relatively large; (ii) Frisch elasticities are, as implied by the theory, even larger; (iii) aggregate labour supply elasticities seem to vary over the business cycle, being larger during recessions.
Download or read book Reconciling Micro and Macro Estimates of the Frisch Labor Supply Elasticity written by William Peterman and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the large gap between the microeconometric estimates of the Frisch labor supply elasticity (0-.5) and the values used by macroeconomists to calibrate general equilibrium models (2-4). These two ranges identify two fundamentally different notions, the micro and macro Frisch elasticity, respectively. Due to the different definitions, there are two restrictions in the micro Frisch elasticity that are relaxed in the macro Frisch elasticity. First, the micro Frisch elasticity focuses only on prime-aged married males who are the head of their household, while the macro Frisch elasticity represents the whole population. Second, the micro Frisch elasticity only incorporates intensive margin fluctuations in hours, while the macro Frisch elasticity includes both intensive and extensive margin fluctuations. This paper finds that relaxing these two restrictions causes estimates of the Frisch elasticity to increase from 0.2 to between 2.9 and 3.1, indicating that these two restrictions can explain the gap between the microeconometric estimates and the calibration values. However, this paper demonstrates that these estimates of the macro Frisch elasticity are sensitive to the estimation procedure and also the exclusion of older individuals, implying that calibration values used for macroeconomic models should be selected carefully.
Download or read book Empirical Estimation of Labour Supply Elasticities written by Ashok Tulpulé and published by . This book was released on 1978 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Discrete Hours Labour Supply Modelling written by Guyonne Kalb and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
