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From Individual to Aggregate Labor Supply

From Individual to Aggregate Labor Supply PDF Author: Yongsung Chang
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Languages : en
Pages : 0

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Book Description
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.