Life‐cycle Labour Supply with Human Capital: Econometric and Behavioural Implications
研究了将人力资本纳入生命周期劳动力供给模型后，工资不再是时间的价格，劳动力供给弹性取决于偏好和工资过程参数，且永久性税收变化对当前劳动力供给的影响可能大于临时性变化。
© 2016 Royal Economic Society. I examine econometric and behavioural implications of including human capital in the life-cycle labour supply model. With human capital, the wage is no longer the price of time – which is, instead, the wage plus returns to work experience. This has important implications: first, labour supply elasticities become functions of both preference and wage process parameters. One cannot estimate them separately. Second, the data appear consistent with larger elasticities than prior work suggests. Third, contrary to conventional wisdom, permanent tax changes can have larger effects on current labour supply than temporary changes. Fourth, effects of permanent tax changes grow over time.