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- Title
Intertemporal substitution and household production in labour supply.
- Authors
Felices, Guillermo; Tinsley, David
- Abstract
The article reports on the estimates of the intertemporal labour supply elasticity obtained from standard life-cycle models, which may be subject to a downward bias, because the standard intertemporal optimisation approach assumes that individuals adjust only their leisure in response to changes in wages. This paper applies a similar approach to the United Kingdom, using the British Household Panel Survey (BHPS), to see whether there may be similar biases in UK labour supply elasticity estimates. The BHPS has a large sample, which leads to accurate estimates of the labour supply elasticity.
- Subjects
LABOR supply; LABOR economics; LABOR market; FACTORS of production; EMPLOYMENT forecasting; LABOR mobility
- Publication
Bank of England Quarterly Bulletin, 2004, Vol 44, Issue 4, p458
- ISSN
0005-5166
- Publication type
Article