Review of Estimates of the Frisch Elasticity of Labor Supply: Working Paper 2012-13

Felix Reichling · Charles J. Whalen

25 citations0/0 files storedRePEc: Research Papers in Economics

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Gender, Labor, and Family Dynamics Monetary Policy and Economic Impact Labor market dynamics and wage inequality

Abstract

Among the models that CBO uses to analyze the economic effects of changes in federal fiscal policy is a life-cycle growth model. That model requires an estimate of the responsiveness of the supply of labor to a one-time temporary change in after-tax compensation, which is described by the so-called Frisch elasticity. CBO incorporates into its analyses an estimate of the Frisch elasticity that ranges from 0.27 to 0.53, with a central estimate of 0.40. This paper describes how CBO derived that range from the research literature.

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References

1980An Empirical Model of Labor Supply in a Life Cycle Setting 1986Intertemporal Substitution in Labor Supply: Evidence from Micro Data 2011Labor Supply and Taxes: A Survey 2016Consumption Inequality and Family Labor Supply 2004Intertemporal Labor Supply and Human Capital Accumulation*2008Micro and macro elasticities in a life cycle model with taxes 2013Does Indivisible Labor Explain the Difference between Micro and Macro Elasticities? A Meta-Analysis of Extensive Margin Elasticities 1996The Empirical Foundations of Calibration

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