全球智库信息集成服务系统(G2TT): DP5259 The Empirical Failure of the Expectations Hypothesis of the Term Structure of Bond Yields

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP5259
	DP5259 The Empirical Failure of the Expectations Hypothesis of the Term Structure of Bond Yields
	LUCIO SARNO; Daniel L Thornton; Giorgio Valente
发表日期	2005-09-23
出版年	2005
语种	英语
摘要	OECD countries faced largely divergent employment rates during the last decades. But the whole bulk of the cross-national and cross-temporal heterogeneity relies on specific demographic groups: prime-age women and younger and older individuals. This paper argues that family labour supply interactions and cross-country heterogeneity in family culture are key for explaining these stylized facts. First we provide a simple labour supply model in which heterogeneity in family preferences can account for cross-country variations in both the level and the dynamics of employment rates of demographic groups. Second, we provide evidence based on international individual surveys that family attitudes do differ across countries and are largely shaped by national features. We also document that cross-country differences in family culture cause cross-national differences in family attitudes. Studying the correlation between employment rates and family attitudes, we then show that the stronger preferences for family activities in European countries may explain both their lower female employment rate and the fall in the employment rates of young and older people.
主题	Labour Economics
关键词	Employment rate Culture Family attitudes
URL	https://cepr.org/publications/dp5259
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/534128
推荐引用方式 GB/T 7714	LUCIO SARNO,Daniel L Thornton,Giorgio Valente. DP5259 The Empirical Failure of the Expectations Hypothesis of the Term Structure of Bond Yields. 2005.