Growth and Labor Income Risk withInelastic and Elastic Labor Supply

We discuss long-run growth in an economy which is subject toaggregate productivity shocks affecting all factors of production. Wedemonstrate that the presence of labor income risk unambiguously isan important determinant of long-run expected growth. The issue ofdynamic inefficiency of the underlying allocation is related to the sizeof the risk premium on capital return.[...]

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Year of publication:	2004-10-01
Authors:	Clemens, Christiane
Institutions:	Universität <Hannover> / Wirtschaftswissenschaftliche Fakultät
Subject:	Arbeitsangebot \| Endogenes Wirtschaftswachstum \| Endogenous Growth \| Einkommen \| income

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Extent:	278528 bytes 31 p. application/pdf
Series:	Wirtschaftswissenschaftliche Fakultät der Leibniz Universität Hannover - Diskussionspapiere Diskussionspapier ; Nummer 305
Type of publication:	Book / Working Paper
Language:	English
ISSN:	0949-9962
Classification:	D8 - Information and Uncertainty ; D9 - Intertemporal Choice and Growth ; O4 - Economic Growth and Aggregate Productivity ; Ergonomic job analysis ; Individual Working Papers, Preprints ; No country specification
Source:	USB Cologne (business full texts)

Persistent link: https://www.econbiz.de/10005867611