Empirical life cycle models of labour supply and - Statistisk sentralbyrå

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Social and Economic Studies 91 Empirical Life Cycle Models Contents 1. Introduction and Overview 9 1.1 Introduction 9 1.2 Estimation Methods 9 1.3 A Particular Empirical Specification 14 1.4 Price Distortions from Income Taxation 16 2. Empirical Approaches for Analysing Consumption and Labour Supply in a Life Cycle Perspective 21 2.1 Introduction 21 2.2 Theoretical Framework 23 2.2.1 Consumption and Labour Supply Behaviour 23 2.2.2 Interpretation of the First Order Conditions 27 2.2.3 Separability, Constraints and Frisch Demands 30 2.3 • Estimation in the Perfect Certainty Case 34 2.3.1 MaCurdy's Fixed Effect Approach 34 2.3.1.1 Model specifications 34 2.3.1.2 Estimation 36 2.3.1.3 Restrictions on intra- and intertemporal preferences 38 2.3.1.4 Income taxation and MaCurdy's fixed effect approach 40 2.32 A Fixed Effect Tobit Model 40 2.3.3 Reduced Form Estimation 42 2.3.4 Two-Stage Budgeting 45 2.4 Estimation in the Uncertainty Case 49 2.4.1 Consumption and Labour Supply Behaviour 49 2.4.2 MaCurdy's Fixed Effect Approach with Uncertainty 53 2.4.3 Marginal Rate of Substitution Functions 55 2.4.4 The Generalized Method of Moments 58 2.4.4.1 Advantages and limitations of Euler equation methods 61 2.5 Summary 63 3. An Empirical Life Cycle Model of Savings, Labour Supply and Consumption without Intertemporal Separability 67 3.1 Introduction 67 3.2 Confronting the Standard Life Cycle Theory with Data 68 3.2.1 The standard framework 68 32.2 Some data and measurement problems 69 3.2.3 Some additional arguments in favour of an alternative specification for durables 72 33 A Model with Habits or Psychological Depreciation 74 3.3.1 The model formulation 74 3.3.2 The specification of the composite good 76 3.3.3 The measurement of the composite good 79 3.3.4 Estimation strategy 80 7
Empirical Life Cycle Models Social and Economic Studies 91 3.4 A Particular Empirical Specification 82 3.5 Estimating the Subutilities 83 3.5.1 Estimating the monotonic transformation 87 3.6 Data 88 3.6.1 Some arguments in favour of Hicks aggregation 91 3.6.2 Measurement error 91 3.7 Empirical Results 92 3.8 Summary 94 Appendix A: The Derivation of the Labour Supply Equation (47) 97 B: The Derivation of Equation (85) 99 C: Derivation of equation (125) 100 D: Measurement Errors in the Wage Rate 101 E: Some Further Estimation Results 103 References 107 Issued in the series Social and Economic Studies 113 8
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