Lifetime aggregate labor supply with endogenous workweek length

Edward C. Prescott · Richard Donald Rogerson · Johanna Wallenius

128 citations0/0 files storedReview of Economic Dynamics

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Gender, Labor, and Family Dynamics Labor market dynamics and wage inequality Retirement, Disability, and Employment

Abstract

This paper studies lifetime aggregate labor supply with endogenous workweek length.Such a theory is needed to evaluate various government policies.A key feature of our model is a nonlinear mapping from hours worked to labor services.This gives rise to an endogenous workweek that can differ across occupations.The theory determines what fraction of the lifetime an individual works, not when.We find that constraints on workweek length have different consequences for total hours than total labor services.Also, we find that policies designed to increase the length of the working life may not increase aggregate lifetime labor supply._____________________________________________________________________________________

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References

1988Indivisible labor, lotteries and equilibrium 2004Why Do Americans Work So Much More Than Europeans?1987Labor supply of men: A survey 2001The Effect of Parental Transfers and Borrowing Constraints on Educational Attainment 1984Pareto Optima and Competitive Equilibria with Adverse Selection and Moral Hazard 2008Micro and macro elasticities in a life cycle model with taxes 1984The Estimation of a Joint Wage-Hours Labor Supply Model 1994Employment and hours over the business cycle

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