FROM INDIVIDUAL TO AGGREGATE LABOR SUPPLY: A QUANTITATIVE ANALYSIS BASED ON A HETEROGENEOUS AGENT MACROECONOMY*
通过构建异质性主体宏观经济模型，发现总劳动供给弹性约为1，高于典型微观估计，揭示了保留工资分布对总弹性的影响。
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.