| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29905 |
| 来源ID | Working Paper 29905 |
| Estimation of a Life-Cycle Model with Human Capital, Labor Supply and Retirement | |
| Xiaodong Fan; Ananth Seshadri; Christopher R. Taber | |
| 发表日期 | 2022-04-04 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We develop and estimate a life-cycle model in which individuals make decisions about consumption, human capital investment, and labor supply and use it to analyze changes in Social Security rules. The most important aspect of our paper is human capital towards the end of the life cycle which responds to changes in the rules. Retirement arises endogenously as part of the labor supply decision. The model allows for both an endogenous wage process through human capital investment (which is typically assumed exogenous in the retirement literature), an endogenous retirement decision (which is typically assumed exogenous in the human capital literature), and accounts for the Social Security system. We estimate the model using indirect inference to match the life-cycle profiles of employment and measured wages from the SIPP data. The model replicates the main features of the data—in particular the large increase in measured wages and small increase in labor supply at the beginning of the life cycle as well as the small decrease in measured wages but large decrease in labor supply at the end of the life cycle. We use the model to estimate the effects of various changes to tax and Social Security policies and show that allowing for human capital accumulation is critical. |
| 主题 | Labor Economics ; Labor Supply and Demand |
| URL | https://www.nber.org/papers/w29905 |
| 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/587577 |
| 推荐引用方式 GB/T 7714 | Xiaodong Fan,Ananth Seshadri,Christopher R. Taber. Estimation of a Life-Cycle Model with Human Capital, Labor Supply and Retirement. 2022. |
| 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 | ||
| w29905.pdf（708KB） | 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。
