Labor supply when productivity keeps growing
研究了生产率持续增长的不完全市场模型中，劳动力供给在集约和广延边际上的长期变化，发现工作时长趋近于零，但人口中结果分布的相对特征几乎不受影响。
We examine the intensive and extensive margins of labor supply in an incomplete-markets framework where productivity keeps growing. What are, in particular, the long-run implications for who will work how much, and how the distribution of economic welfare among households will change? We insist the relative strengths of income and substitution effects to be such as to match historical and cross-country observations. That is, hours will fall toward zero as productivity and income rise, while wages per hour will keep rising and be consistent with stable income shares for labor and capital. Despite this rather drastic path toward zero hours worked, we find that few features of the distribution of outcomes in the population are affected much at all by productivity growth. In particular, the relative distribution of hours worked and of consumption will look very similar to the case without productivity growth.