Does Labor Supply Explain Fluctuations in Average Hours Worked?
Joshua D. Angrist
Economists have long debated over what labor supply has to do with
fluctuations in hours worked. This paper uses a time series of cross-sections
from the 1964-88 Current Population Surveys to study whether microeconomic
intertemporal substitution models can explain time series fluctuations in
annual averages. Conditional on a parametric trend, labor supply equations fit
the 1975-87 data remarkably well. But estimates for 1963-74 are not robust,
and estimated labor supply elasticities are much lower in the earlier period.
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