Intertemporal Substitution in Labor Supply: Evidence from Micro Data | Zendy

Joseph G. Altonji | Zendy

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Intertemporal Substitution in Labor Supply: Evidence from Micro Data

Author(s) -

Joseph G. Altonji

Publication year - 1986

Publication title -

journal of political economy

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 21.034

H-Index - 186

eISSN - 1537-534X

pISSN - 0022-3808

DOI - 10.1086/261403

Subject(s) - economics , wage , elasticity of substitution , consumption (sociology) , substitution (logic) , substitution effect , control (management) , labour economics , econometrics , microeconomics , production (economics) , computer science , programming language , social science , management , sociology

The sensitivity of the supply of labor to intertemporal variation inthe wage is an important issue in macroeconomics, the analysis of socialsecurity and pensions, and the study of life cycle patterns of work. Thispaper explores two approaches to the measurement of intertemporal substi-tution which have appeared in the literature. The first approach is touse consumption to control for wealth and unobserved expectations aboutfuture wages in the labor supply equation. The second...

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