Life‐cycle Labour Supply with Human Capital
Econometric and Behavioural Implications
Bibliographic Data
| ID | 9709140 |
|---|---|
| Authors | Michael P Keane (0000-0002-3918-1377, University of Oxford and University of New South Wales, corresponding author) |
| Year | 2016 |
| Volume | 126 |
| Issue | 592 |
| Pages | 546-577 |
| Publication date | 2016-05-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/ecoj.12363 |
| OpenAlex | W2228015121 |
| Language | EN |
| Citations received | 1 |
| References cited | 34 |
© 2016 Royal Economic Society. I examine econometric and behavioural implications of including human capital in the life-cycle labour supply model. With human capital, the wage is no longer the price of time – which is, instead, the wage plus returns to work experience. This has important implications: first, labour supply elasticities become functions of both preference and wage process parameters. One cannot estimate them separately. Second, the data appear consistent with larger elasticities than prior work suggests. Third, contrary to conventional wisdom, permanent tax changes can have larger effects on current labour supply than temporary changes. Fourth, effects of permanent tax changes grow over time
Capital (architecture · Economics · Human capital · Labour economics · Labour supply · Market economy · Microeconomics · Preference · Wage · Work (physics · Financial Literacy, Pension, Retirement Analysis · Fiscal Policy and Economic Growth · Gender, Labor, and Family Dynamics
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| Citations per year | 0.1 |
|---|---|
| Citation span | 2016 - 2016 (1) |
| Highly cited | No |