Journal of Political Economy
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Опубликовано на портале: 05-02-2007Joseph G. Altonji Journal of Political Economy. 1986. Vol. 94. No. 3. P. 176-215.
The sensitivity of the supply of labor to intertemporal variation in the wage is an important issue in macroeconomics, the analysis of social security and pensions, and the study of life-cycle patterns of work. This paper explores two approaches to the measurement of intertemporal substitution that have appeared in the literature. The first approach is to use consumption to control for wealth and unobserved expectations about future wages in the labor supply equation. The second approach is to estimate a first-difference equation for hours in which labor supply from the previous period serves as a control for wealth and wage expectations. The results indicate that the intertemporal substitution elasticity for married men is positive but small.
Опубликовано на портале: 12-07-2007Daron K. Acemoglu, Jörn-Steffen Pischke Journal of Political Economy. 1999. Vol. 107. No. 3. P. 539-572.
In the human capital model with perfect labor markets, firms never invest in general skills and all costs of general training are borne by workers. When labor market frictions compress the structure of wages, firms may pay for these investments. The distortion in the wage structure turns "technologically" general skills into de facto "specific" skills. Credit market imperfections are neither necessary nor sufficient for firm-sponsored training. Since labor market frictions and institutions shape the wage structure, they may have an important impact on the financing and amount of human capital investments and account for some international differences in training practices.