Anticipated and Unanticipated Wage Changes, Wage Risk, and Intertemporal Labor Supply
利用意大利家庭收入与财富调查中个体对未来工资的主观预期数据，估计劳动供给如何响应预期工资增长、非预期工资增长和工资风险，避免传统方法对工具变量的依赖。
In this article, I estimate how labor supply responds to anticipated wage growth, unanticipated wage growth, and wage risk using the 198993 panel section of the Bank of Italy Survey of Households' Income and Wealth (SHIW), which collects individual expectations of future wages. The use of subjective expectations has several advantages. First, they provide information on the evolution and riskiness of future wages that the econometrician may never hope to observe. Moreover, this avoids the need for specifying instruments for the growth rate of wages. Finally, forecast errors can be directly controlled for, thus avoiding inconsistency in short panels.