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Individual and Aggregate Labor Supply with Coordinated Working Times

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  • RICHARD ROGERSON

Abstract

I analyze two extensions to the standard model of life cycle labor supply that feature operative choices along both the intensive and extensive margin. The first assumes that individuals face different continuous wage-hours schedules. The second assumes that all work must be coordinated across individuals. These models look similar qualitatively but have very different implications for how aggregate labor supply responds to changes in taxes. In the first model, curvature in the utility from leisure function plays relatively little role in determining the overall change in hours worked, whereas in the second model it is of first order importance. The second model has important implications for what data is best able to provide evidence on the extent of curvature in the utility from leisure function.

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Bibliographic Info

Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 43 (2011)
Issue (Month): (08)
Pages: 7-37

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Handle: RePEc:mcb:jmoncb:v:43:y:2011:i::p:7-37

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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References

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  1. Huggett, Mark, 1993. "The risk-free rate in heterogeneous-agent incomplete-insurance economies," Journal of Economic Dynamics and Control, Elsevier, vol. 17(5-6), pages 953-969.
  2. Daniel Aaronson & Eric French, 2004. "The Effect of Part-Time Work on Wages: Evidence from the Social Security Rules," Journal of Labor Economics, University of Chicago Press, vol. 22(2), pages 329-352, April.
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  4. Yongsung Chang & Sun-Bin Kim, 2006. "From Individual To Aggregate Labor Supply: A Quantitative Analysis Based On A Heterogeneous Agent Macroeconomy ," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 47(1), pages 1-27, 02.
  5. Sungbae An & Yongsung Chang & Sun-Bin Kim, 2008. "Can a Representative-Agent Model Represent a Heterogeneous-Agent Economy?," Microeconomics Working Papers 22056, East Asian Bureau of Economic Research.
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  7. Susumu Imai & Michael P. Keane, 2004. "Intertemporal Labor Supply and Human Capital Accumulation," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 45(2), pages 601-641, 05.
  8. Krusell, Per & Mukoyama, Toshihiko & Rogerson, Richard & Sahin, Aysegul, 2009. "Aggregate Labor Market Outcomes: The Role of Choice and Chance," CEPR Discussion Papers 7435, C.E.P.R. Discussion Papers.
  9. Richard Rogerson & Johanna Wallenius, 2007. "Micro and Macro Elasticities in a Life Cycle Model With Taxes," NBER Working Papers 13017, National Bureau of Economic Research, Inc.
  10. Biddle, Jeff E & Zarkin, Gary A, 1989. "Choice among Wage-Hours Packages: An Empirical Investigation of Male Labor Supply," Journal of Labor Economics, University of Chicago Press, vol. 7(4), pages 415-37, October.
  11. Raj Chetty & John N. Friedman & Tore Olsen & Luigi Pistaferri, 2010. "Adjustment Costs, Firm Responses, and Labor Supply Elasticities: Evidence from Danish Tax Records," CAM Working Papers 2010-03, University of Copenhagen. Department of Economics. Centre for Applied Microeconometrics.
  12. Eric French, 2004. "The Effects of Health, Wealth and Wages on Labor Supply and Retirement Behavior," 2004 Meeting Papers 96, Society for Economic Dynamics.
  13. Keane, Michael P & Wolpin, Kenneth I, 2001. "The Effect of Parental Transfers and Borrowing Constraints on Educational Attainment," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 42(4), pages 1051-1103, November.
  14. Raj Chetty & John N. Friedman & Tore Olsen & Luigi Pistaferri, 2009. "Adjustment Costs, Firm Responses, and Micro vs. Macro Labor Supply Elasticities: Evidence from Danish Tax Records," NBER Working Papers 15617, National Bureau of Economic Research, Inc.
  15. Edward C. Prescott & Richard Rogerson & Johanna Wallenius, 2007. "Lifetime aggregate labor supply with endogenous workweek length," Staff Report 400, Federal Reserve Bank of Minneapolis.
  16. Biddle, Jeff E, 1988. "Intertemporal Substitution and Hours Restrictions," The Review of Economics and Statistics, MIT Press, vol. 70(2), pages 347-51, May.
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Cited by:
  1. Emin Gahramanov & Xueli Tang, 2013. "Solving for the Retirement Age in a Continuous-time Model with Endogenous Labor Supply," Economics Series 2013_5, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance.
  2. Michael Keane & Richard Rogerson, 2012. "Micro and Macro Labor Supply Elasticities: A Reassessment of Conventional Wisdom," Journal of Economic Literature, American Economic Association, vol. 50(2), pages 464-76, June.
  3. Philippe Choné & Guy Laroque, 2014. "Income tax and retirement schemes," Sciences Po publications 2014-06, Sciences Po.
  4. Philippe Choné & Guy Laroque, 2014. "Income tax and retirement schemes," Sciences Po Economics Discussion Papers 2014-06, Sciences Po Departement of Economics.
  5. Ryan Michaels & Michele Battisti, 2013. "Coordinated labor Supply within the Firm: Evidence and Implications," 2013 Meeting Papers 1116, Society for Economic Dynamics.

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