Labour supply responses to financial wealth shocks: evidence from Italy
Serena Trucchi and
Matthew Wakefield ()
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Matthew Wakefield: Institute for Fiscal Studies and University of Bologna
No W17/29, IFS Working Papers from Institute for Fiscal Studies
We look at how strongly shocks to asset values affect labour supply, using Italian data. We use asset price shocks to provide a measure of wealth changes that is exogenous to households’ saving and labour supply. Our results point to significant effects of wealth on hours of work and on whether or not agents leave their jobs. The magnitude of these effects can be substantial, for example for those individuals who suffered larger wealth losses during the financial crisis. Family effects reflect similar responses from men and women on average. Older working-age individuals drive the population results.
Keywords: Labour Supply; Financial wealth shocks; Wealth effects (search for similar items in EconPapers)
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Journal Article: Labour supply responses to financial wealth shocks: evidence from Italy (2021)
Working Paper: Labour Supply Responses to Financial Wealth Shocks: Evidence from in Italy (2019)
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