G2TT
来源类型Discussion paper
规范类型论文
来源IDDP17043
DP17043 Has the Willingness to Work Fallen during the Covid Pandemic?
Andreas I. Mueller; Aysegul Sahin
发表日期2022-02-17
出版年2022
语种英语
摘要We examine the effect of the Covid pandemic on willingness to work along both the extensive and intensive margins of labor supply. Special survey questions in the Job Search Supplement of the Survey of Consumer Expectations (SCE) allow us to elicit information about individuals’ desired work hours for the 2013-2021 period. Using these questions, along with workers’ actual labor market participation, we construct a labor market underutilization measure, the Aggregate Hours Gap (AHG), following Faberman et al. (2020). The AHG captures changes in labor market underutilization for the full population along both the extensive and intensive margins using data on desired work hours as a measure of their potential labor supply. We find that the sharp increase in the AHG during the Covid pandemic essentially disappeared by the end of 2021. We also document a sharp decline in desired work hours during the pandemic that persists through the end of 2021 and is roughly double the drop in the labor force participation rate. Ignoring the decline in desired hours overstates the degree of underutilization by 2.5 percentage points (12.5%). Our findings suggest that, as of 2021Q4, the labor market is tighter than suggested by the unemployment rate and the adverse labor supply effect of the pandemic is more pronounced than implied by the labor force participation rate. These discrepancies underscore the importance of taking into account the intensive margin for both labor market underutilization and potential labor supply.
主题Labour Economics ; Macroeconomics and Growth ; Monetary Economics and Fluctuations
关键词Labor market slack Covid pandemic Desired work hours Potential labor supply
URLhttps://cepr.org/publications/dp17043
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/546000
推荐引用方式
GB/T 7714
Andreas I. Mueller,Aysegul Sahin. DP17043 Has the Willingness to Work Fallen during the Covid Pandemic?. 2022.
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