Estimating Labor Supply Elasticities with Joint Borrowing Constraints of Couples
针对传统Frisch劳动供给弹性估计在借贷约束下存在偏误的问题，本文提出一种新方法，利用夫妻相对收入贡献来修正偏误，并用PSID数据估计出男性弹性约0.7。
Conventional estimates of Frisch labor supply elasticities are biased in the presence of borrowing constraints. We develop an incomplete-markets model with two-earner households and derive a new estimation approach for the Frisch elasticity that yields unbiased estimates even in samples that include borrowing-constrained households. Our approach exploits that the strength of the estimation bias depends on individuals’ relative contribution to household earnings. It takes the form of a simple interaction term model with minimum data requirements. Using Panel Study of Income Dynamics data, we estimate Frisch elasticities of about 0.7 for men and rather homogeneous Frisch elasticities across the population.