The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Labor Supply: Are the Income and Substitution Effects Both Large or Both Small?
Open accessAbstract
Labor supply is unresponsive to permanent changes in wage rates.Thus, income and substitution effects cancel, but are they both close to zero or both large?This paper develops a theory of labor supply where income and substitution effects cancel, taking into account optimization over time, fixed costs of going to work, and interactions of labor supply decisions within the household.The paper then applies this theory to survey evidence on the response of labor supply to a large wealth shock.The evidence implies that the constant marginal utility of wealth (Frisch) elasticity of labor supply is about one.
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Cites
Barsky, R. B., Juster, F. T., Kimball, M. S., & Shapiro, M. D. (1997) · The Quarterly Journal of Economics · doi:10.1162/003355397555280 · Cited by 2,400
Self-citationImbens, G. W., Rubin, D. B., & Sacerdote, B. I. (2001) · American Economic Review · doi:10.1257/aer.91.4.778 · Cited by 512
Cited by
A Parsimonious Macroeconomic Model for Asset Pricing
(2009) · Econometrica · doi:10.3982/ecta6658 · Cited by 363
Metadata
- Authors
- Kimball, M., & Shapiro, M.
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 2008-07
- OpenAlex
- W2114108924
- Cited by
- 184
- References
- 2
- Type
- report
- Language
- en
- Open access
- green
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- Kimball, M., & Shapiro, M. (2008). Labor Supply: Are the Income and Substitution Effects Both Large or Both Small? National Bureau of Economic Research. https://doi.org/10.3386/w14208
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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.
