The labor-supply elasticity is a central element in many macroeconomic models. We argue that assumptions underlying … previous econometric estimates of the intertemporal labor supply elasticity are inconsistent with incomplete markets economies …. In particular, if the econometrician ignores borrowing constraints, the elasticity will be biased downwards. Within our …

Guided by a simple theory of task assignment and time allocation, we investigate the long run response to national … differences in tax rates on labor income, payrolls and consumption. The theory implies that higher tax rates reduce work time in …

wages, and the issue of how the existence of task structures, or career ladders, affect wages becomes paramount. Using data … artifact of the data rather than an accurate description of the world. -- wages ; plant size ; occupational hierarchies …

modeller to estimate an implicit target zone if it exists. A modelling cycle consisting of specification, estimation, and …

literature. An advantage here is that the asymptotic distribution theory is standard. The performance of the tests is compared to …

aim of avoiding the estimation of unidentified models. Misspecification tests are derived for evaluating an estimated …