From individual to aggregate labor supply: A quantitative analysis based on a heterogeneous agent macroeconomy

被引:117
作者
Chang, YS [1 ]
Kim, SB
机构
[1] Seoul Natl Univ, Sch Econ, Seoul 151742, South Korea
[2] Fed Reserve Bank Richmond, Richmond, VA 23219 USA
[3] Concordia Univ, Dept Econ, Montreal, PQ, Canada
关键词
D O I
10.1111/j.1468-2354.2006.00370.x
中图分类号
F [经济];
学科分类号
02 ;
摘要
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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页码:1 / 27
页数:27
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