From Individual to Aggregate Labor Supply : A Quantitative Analysis Based on a Heterogeneous Agent Macroeconomy

At the aggregate level, the labor-supply elasticity depends on the reservation-wage distribution. We present a model economy where workforce heterogeneity stems from idiosyncratic productivity shocks. The model economy exhibits the cross-sectional earnings and wealth distributions that are comparable to those in the micro data. We find that the aggregate labor-supply elasticity of such an economy is around 1, greater than a typical micro estimate

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Year of publication:	2006
Authors:	Chang, Yongsung ; Kim, Sun-bin
Publisher:	[S.l.] : SSRN
Subject:	Arbeitsangebot \| Labour supply \| Schätzung \| Estimation \| Aggregation \| Elastizität \| Elasticity \| Stochastisches Wachstumsmodell \| Stochastic growth model

Extent:	1 Online-Ressource (27 p)
Type of publication:	Book / Working Paper
Language:	English
Notes:	In: International Economic Review, Vol. 47, No. 1, pp. 1-27, February 2006
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10014059953