Why Labor Supply Matters for Macroeconomics (Record no. 133613)
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| 000 -LEADER | |
|---|---|
| fixed length control field | 02032nas a2200217Ia 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION | |
| fixed length control field | 240802c99999999xx |||||||||||| ||und|| |
| 022 ## - INTERNATIONAL STANDARD SERIAL NUMBER | |
| International Standard Serial Number | 0895-3309 |
| 100 ## - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Rogerson, Richard |
| 9 (RLIN) | 120021 |
| 245 #0 - TITLE STATEMENT | |
| Title | Why Labor Supply Matters for Macroeconomics |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Name of publisher, distributor, etc. | Journal of Economic Perspectives |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2024 |
| 300 ## - PHYSICAL DESCRIPTION | |
| Extent | 137-158 |
| 520 ## - SUMMARY, ETC. | |
| Abstract | Benchmark models taught in undergraduate macro do not attribute any role for labor supply as an important determinant of macroeconomic outcomes. The first part of this paper documents three facts. First, differences in hours of work across OECD economies are large and imply large differences in GDP per capita. Second, there are large differences in the size of tax and transfer programs across countries, as proxied by differences in government revenues relative to the GDP. Third, these two outcomes are strongly negatively correlated. Taken together, these facts suggest an important role for labor supply in affecting macroeconomic outcomes. I conjecture that the reason why macro textbooks do not include a discussion of labor supply stems from a belief that labor supply elasticities are sufficiently small that even large differences in work incentives do not generate important macroeconomic effects. The second part of this paper argues that this belief is based on incorrect inference linking small elasticities for prime age male to small aggregate labor supply elasticities. The role of labor supply at the extensive margin plays a critical role in understanding this mistake in this inference. |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name entry element | Aggregate Human Capital |
| 9 (RLIN) | 119520 |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name entry element | Aggregate Labor Productivity, Personal Income and Other Nonbusiness Taxes and Subsidies |
| 9 (RLIN) | 120022 |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name entry element | includes inheritance and gift taxes, Welfare, Well-Being, and Poverty: Government Programs |
| 9 (RLIN) | 120023 |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name entry element | Intergenerational Income Distribution |
| 9 (RLIN) | 119523 |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name entry element | Wages |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name entry element | Unemployment |
| 9 (RLIN) | 3282 |
| 856 ## - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://www.aeaweb.org/articles?id=10.1257/jep.38.2.137">https://www.aeaweb.org/articles?id=10.1257/jep.38.2.137</a> |
| 999 ## - SYSTEM CONTROL NUMBERS (KOHA) | |
| Koha biblionumber | 133613 |
| Withdrawn status | Lost status | Damaged status | Not for loan | Home library | Current library | Date acquired | Serial Enumeration / chronology | Total Checkouts | Barcode | Date last seen | Price effective from | Koha item type |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dr VKRV Rao Library | Dr VKRV Rao Library | 02/08/2024 | Vol. 38, No. 2 | AI266 | 02/08/2024 | 02/08/2024 | Article Index |