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Title: Intertemporal Labor Supply and Human Capital Accumulation
Resulting in 1 citation.
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Imai, Susumu Keane, Michael P. |
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Intertemporal Labor Supply and Human Capital Accumulation International Economic Review 45,2 (May 2004): 601–641. Also: http://onlinelibrary.wiley.com/doi/10.1111/j.1468-2354.2004.00138.x/abstract Cohort(s): NLSY79 Publisher: Blackwell Publishing, Inc. => Wiley Online Keyword(s): Human Capital; Labor Supply; Savings; Wages We solve and estimate a dynamic model that allows agents to optimally choose their labor hours and consumption and that allows for both human capital accumulation and savings. Estimation results and simulation exercises indicate that the intertemporal elasticity of substitution is much higher than the conventional estimates and the downward bias comes from the omission of the human capital accumulation effect. The human capital accumulation effect renders the life-cycle path of the shadow wage relatively flat, even though wages increase with age. Hence, a rather flat life-cycle labor supply path can be reconciled with a high intertemporal elasticity of substitution. |
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Bibliography Citation
Imai, Susumu and Michael P. Keane. "Intertemporal Labor Supply and Human Capital Accumulation." International Economic Review 45,2 (May 2004): 601–641. A.
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