| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3666 |
| DP3666 Partial Insurance, Information, and Consumption Dynamics | |
| Richard Blundell; Ian Preston; Luigi Pistaferri | |
| 发表日期 | 2002-11-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | We address the question of how labour supply responds to anticipated wage growth, unanticipated wage growth, and wage risk. We use the 1989-93 panel section of the Bank of Italy SHIW, which collects individual-based quantitative expectation of future wage growth. The use of subjective expectations has several advantages. First, subjective expectations provide information on the evolution and riskiness of future wages that the econometrician may never hope to observe. Second, they allow to control directly for the forecast error, thus avoiding inconsistency in short panels. Finally, controlling for anticipated and unanticipated wage changes avoids the need of specifying instruments for the growth rate of wages, which is usually hard to predict. We find that the intertemporal elasticity of substitution is precisely estimated and slightly larger than previous micro estimates. A parametric permanent innovation in wages impacts positively the rate of growth of labour supply. The impact of wage risk is consistent with the theory, but of negligible magnitude. |
| 主题 | Labour Economics |
| 关键词 | Labour supply Subjective expectations |
| URL | https://cepr.org/publications/dp3666 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532671 |
| 推荐引用方式 GB/T 7714 | Richard Blundell,Ian Preston,Luigi Pistaferri. DP3666 Partial Insurance, Information, and Consumption Dynamics. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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