U. S. labor supply and demand in the long run
Dale W. Jorgenson,
Richard J. Goettle,
Mun Ho (),
Daniel T. Slesnick and
No 52 in Monograph from Federal Reserve Bank of Boston
In this paper we model U.S. labor supply and demand in considerable detail in order to capture the enormous heterogeneity of the labor force and its evolution over the next 25 years. We represent labor supplies for a large number of demographic groups as responses to prices of leisure and consumption goods and services. The price of leisure is an after-tax wage rate, while the final prices of goods and services reflect the supply prices of the industries that produce them. By including demographic characteristics among the determinants of household preferences, we incorporate the expected demographic transition into our long-run projections of the U.S. labor market.
Keywords: Labor supply; Labor market (search for similar items in EconPapers)
Date: 2007 Written 2007
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Published in Labor supply in the new century
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Journal Article: U.S. Labor supply and demand in the long run (2008)
Journal Article: U. S. labor supply and demand in the long run (2007)
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Persistent link: http://EconPapers.repec.org/RePEc:fip:fedbmo:2007lsaditl
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