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Family labor supply and asset returns

Claudio Daminato and Luigi Pistaferri

European Economic Review, 2020, vol. 124, issue C

Abstract: We study how shocks to wages and asset prices affect consumption and labor supply decisions of two-earner households in a life-cycle framework with housing and flexible preferences. We provide a micro-foundation of the wealth effects on consumption and labor supply. We find evidence for non-separability between non-durable consumption, housing services and hours of work. The results also highlight the importance of family labor supply in understanding how households respond to shocks to financial and housing markets.

Keywords: Wealth effect; Consumption; Labor supply (search for similar items in EconPapers)
JEL-codes: D12 D91 J22 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:eecrev:v:124:y:2020:i:c:s0014292120300210

DOI: 10.1016/j.euroecorev.2020.103389

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