Micro and Macro Labor Supply Elasticities

劳动力供给的行为对于分析经济学中的许多问题至关重要，包括税收和转移计划对分配和福利以及商业周期的影响。对于总量问题的分析，总劳动供给弹性是一个关键参数。多年来，人们对这种弹性的大小一直存在着很大的争议。一方面，从微观数据得出的估计往往产生较小的弹性，而从总体数据得出的估计往往显示出大得多的弹性。由于这种弹性在许多情况下都起着关键作用，这种明显的不一致性对于获得对广泛政策的可靠评估或预测经济如何应对各种冲击都是非常有问题的。本项目试图通过明确考虑包含合理技术特征的模型来解决这种明显的不一致性，在这些模型中，人们既可以有意义地重新创建标准的微观估计练习，也可以考虑总体变化对经济的影响。初步工作表明，不同的弹性估计可以在这样一个模型中调和。劳动力市场的结果对大多数人享受的生活水平有很大的直接影响。了解哪些因素影响劳动力市场的结果，并评估各种政策和制度的福利成本，将使政策制定者做出更好的决策，并导致更好的经济结果。这项工作为总量经济政策的评估提供了更好的基础。

The behavior of labor supply is critical for the analysis of many issues in economics, including the effects of tax and transfer programs on allocations and welfare, and business cycles. For the analysis of aggregate issues, the elasticity of aggregate labor supply is a critical parameter. For many years there has been substantial controversy over the magnitude of this elasticity. On the one hand, estimates from micro data have tended to yield small elasticities, while estimates from aggregate data often suggest much larger elasticities. Because this elasticity plays a key role in so many contexts, this apparent inconsistency is very problematic for obtaining reliable assessments for a wide range of policies, or for predicting how the economy responds to various shocks. This project seeks to resolve this apparent inconsistency by explicitly considering models that incorporate plausible technological features and in which one can both meaningfully recreate the standard micro estimation exercises and also consider the effects of aggregate changes to the economy. Preliminary work suggests that the disparate elasticity estimates can be reconciled within such a model.Labor market outcomes have large and direct effects on the standard of living enjoyed by most individuals. Understanding what factors shape labor market outcomes and assessing the welfare costs of various policies and institutions will allow policy makers to make better decisions and led to better economic outcomes. This work provides a better foundation for aggregate economic policy evaluation.