How important is precautionary labour supply?
利用德国数据估计了工资风险对劳动供给的影响，发现已婚男性平均将约2.8%的工作时间用于抵御工资冲击，自雇者影响最大。
We quantify the importance of precautionary labour supply defined as the difference between hours supplied in the presence of risk and hours under perfect foresight. Using the German Socio-Economic Panel from 2001 to 2012, we estimate the effect of wage risk on labour supply and test for constrained adjustment of labour supply. We find that married men choose on average about 2.8% of their hours of work to shield against wage shocks. The effect is strongest for self-employed, who we find to be unconstrained in their hours choices, but also relevant for other groups with more persistent hours constraints. If the self-employed faced the same wage risk as the median civil servant, their hours of work would be reduced by 4.5%.