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Interpreting Labor Supply Regressions in a Model of Full and Part-Time Work

Yongsung Chang (), Sun-Bin Kim (), Kyooho Kwon () and Richard Rogerson ()
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Kyooho Kwon: University of Rochester

No 560, RCER Working Papers from University of Rochester - Center for Economic Research (RCER)

Abstract: We construct a family model of labor supply that features adjustment along both the intensive and extensive margin. Intensive margin adjustment is restricted to two values: full time work and part-time work. Using simulated data from the steady state of the calibrated model, we examine whether standard labor supply regressions can uncover the true value of the intertemporal elasticity of labor supply parameter. We find positive estimated elasticities that are larger for women and that are highly significant, but they bear virtually no relationship to the underlying preference parameters.

New Economics Papers: this item is included in nep-dge and nep-lab
Date: 2011-02
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