Towards a Micro-Founded Theory of Aggregate Labour Supply
构建了一个异质性代理人生命周期模型，捕捉男性个体劳动供给在集约和广延边际上的特征，并基于微观证据研究总体劳动供给对经济环境变化的反应。
We build a heterogeneous agents life cycle model that captures a large number of salient features of individual male labour supply over the life cycle, by education, both along the intensive and extensive margins. The model provides an aggregation theory of individual labour supply, firmly grounded on individual-level micro-evidence, and is used to study the aggregate labour supply responses to changes in the economic environment. We find that the aggregate labour supply elasticity to a transitory wage shock is 1.75, with the extensive margin accounting for 62% of the response. Furthermore, we find that the aggregate labour supply elasticity to a permanent-compensated wage change is 0.44.