shocks improves the model fit considerably. The empirical strategy allows for the estimation of the Marshallian labor supply … elasticity without the use of consumption or asset data. We find this elasticity on average to be negative, but small. The degree … Income Dynamics (PSID) für die USA zeigen, dass sowohl Lohn- als auch Stundenshocks eine wichtige Rolle für die Erklärung der …

-cycle model of consumption and labor supply. For estimation we use data on married American men from the PSID. Permanent wage …