The DOI matches its Crossref record; 18 of the 18 references it cites were found in a registry or an index.
Are Micro and Macro Labor Supply Elasticities Consistent? A Review of Evidence on the Intensive and Extensive Margins
Open accessAbstract
We evaluate whether state-of-the-art macro models featuring indivisible labor are consistent with modern quasi-experimental micro evidence by synthesizing evidence on both the intensive and extensive margins. We find that micro estimates are consistent with macro estimates of the steady-state (Hicksian) elasticities relevant for cross-country comparisons on both the extensive and intensive margins. However, micro estimates of intertemporal substitution (Frisch) elasticities are an order of magnitude smaller than the values needed to explain business cycle fluctuations in aggregate hours by preferences. The key puzzle to be resolved is why micro and macro estimates of the Frisch extensive margin elasticity are so different.
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Cites
Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach
Smets, F., & Wouters, R. (2007) · American Economic Review · doi:10.1257/aer.97.3.586 · Cited by 4,611
Indivisible labor and the business cycle
Hansen, G. D. (1985) · Journal of Monetary Economics · doi:10.1016/0304-3932(85)90039-x · Cited by 1,976
Indivisible labor, lotteries and equilibrium
Rogerson, R. (1988) · Journal of Monetary Economics · doi:10.1016/0304-3932(88)90042-6 · Cited by 1,227
Why Do Americans Work So Much More Than Europeans?
Prescott, E. C. (2004) · Quarterly Review · doi:10.21034/qr.2811 · Cited by 1,103
Fiscal Volatility Shocks and Economic Activity
Fernández-Villaverde, J., Guerrón-Quintana, P., Kuester, K., & Rubio-Ramírez, J. (2015) · American Economic Review · doi:10.1257/aer.20121236 · Cited by 938
Fiscal Stimulus in a Monetary Union: Evidence from US Regions
Nakamura, E., & Steinsson, J. (2014) · American Economic Review · doi:10.1257/aer.104.3.753 · Cited by 911
Resuscitating real business cyclesPreprint
King, R. G., & Rebelo, S. T. (1999) · RePEc: Research Papers in Economics · Cited by 848
Chetty, R., Friedman, J. N., Olsen, T., & Pistaferri, L. (2011) · The Quarterly Journal of Economics · doi:10.1093/qje/qjr013 · Cited by 794
Self-citationChetty, R. (2009) · National Bureau of Economic Research · doi:10.3386/w15616 · Cited by 440
Self-citationMicro and macro elasticities in a life cycle model with taxes
Rogerson, R., & Wallenius, J. (2009) · Journal of Economic Theory · doi:10.1016/j.jet.2008.05.011 · Cited by 389
Cited by
Fiscal Volatility Shocks and Economic Activity
Fernández-Villaverde, J., Guerrón-Quintana, P., Kuester, K., & Rubio-Ramírez, J. (2015) · American Economic Review · doi:10.1257/aer.20121236 · Cited by 938
Fiscal Stimulus in a Monetary Union: Evidence from US Regions
Nakamura, E., & Steinsson, J. (2014) · American Economic Review · doi:10.1257/aer.104.3.753 · Cited by 911
“Productivity and Misallocation in General Equilibrium”
Baqaee, D. R., & Farhi, E. (2020) · The Quarterly Journal of Economics · doi:10.1093/qje/qjz030 · Cited by 648
Slicing the Pie: Quantifying the Aggregate and Distributional Effects of Trade
Galle, S., Rodríguez-Clare, A., & Yi, M. (2017) · doi:10.3386/w23737 · Cited by 111
Almeida, R., Orr, L., & Robalino, D. (2014) · IZA Journal of Labor Policy · doi:10.1186/2193-9004-3-12 · Cited by 29
Metadata
- Authors
- Chetty, R., Guren, A., Manoli, D., & Weber, A.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2011-05-01
- Volume
- 101
- Issue
- 3
- Pages
- 471-475
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W2180308125
- Cited by
- 852
- References
- 18
- FWCI
- 98.75
- Type
- journal article
- Language
- en
- Open access
- green
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- Chetty, R., Guren, A., Manoli, D., & Weber, A. (2011). Are Micro and Macro Labor Supply Elasticities Consistent? A Review of Evidence on the Intensive and Extensive Margins. American Economic Review. https://doi.org/10.1257/aer.101.3.471
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
