Intertemporal Labor Supply and Human Capital Accumulation*
构建并估计了一个允许个体同时选择劳动时间、消费、人力资本积累和储蓄的动态模型，发现跨期替代弹性远高于传统估计，且低估源于忽略人力资本积累效应。
We solve and estimate a dynamic model that allows agents to optimally choose their labor hours and consumption and that allows for both human capital accumulation and savings. Estimation results and simulation exercises indicate that the intertemporal elasticity of substitution is much higher than the conventional estimates and the downward bias comes from the omission of the human capital accumulation effect. The human capital accumulation effect renders the life‐cycle path of the shadow wage relatively flat, even though wages increase with age. Hence, a rather flat life‐cycle labor supply path can be reconciled with a high intertemporal elasticity of substitution.