Estimation of a Life-Cycle Model with Human Capital, Labor Supply, and Retirement
估计了一个包含消费、人力资本投资和劳动供给的生命周期模型，重点分析生命周期后期人力资本与劳动供给的互动，发现加入人力资本对分析社会保障改革至关重要。
We estimate a life-cycle model of consumption, human capital investment, and labor supply. The interaction between human capital and labor supply toward the end of the life cycle is most novel. The estimates replicate the main features of the data, in particular the large increase in wages and small increase in labor supply at the beginning of the life cycle and the small decrease in wages but large decrease in labor supply toward the end. We show that incorporating human capital is critical when analyzing changes to Social Security.