| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24985 |
| 来源ID | Working Paper 24985 |
| Individual and Aggregate Labor Supply in Heterogeneous Agent Economies with Intensive and Extensive Margins | |
| Yongsung Chang; Sun-Bin Kim; Kyooho Kwon; Richard Rogerson | |
| 发表日期 | 2018-09-10 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We study business cycle fluctuations in heterogeneous-agent general equilibrium models that feature both intensive and extensive margins of labor supply. A nonconvexity in the mapping between time devoted to work and labor services combined with idiosyncratic shocks generates operative extensive and intensive margins. We consider calibrated versions of this model that differ in the value of a key preference parameter for labor supply and the extent of heterogeneity. The model is able to capture the salient features of the empirical distribution of hours worked, including how individuals transit within this distribution. We then study how the various specifications influence labor supply responses to aggregate technology shocks. We ask to what extent our predictions for business cycle fluctuations are affected by abstracting from the intensive margin and instead assuming that adjustment occurs only along the extensive margin. We find that abstracting from intensive margin adjustment can have large effects on the volatility of aggregate hours even if fluctuations along the intensive margin are small. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles |
| URL | https://www.nber.org/papers/w24985 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582659 |
| 推荐引用方式 GB/T 7714 | Yongsung Chang,Sun-Bin Kim,Kyooho Kwon,et al. Individual and Aggregate Labor Supply in Heterogeneous Agent Economies with Intensive and Extensive Margins. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24985.pdf（391KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
