Wealth effect on labor market transitions

被引：38

作者：

Algan, Y ^{[1
]}

Chéron, A ^{[1
]}

Hairault, JO ^{[1
]}

Langot, F ^{[1
]}

机构：

[1] Univ Maine, GAINS, Orono, ME 04469 USA

来源：

REVIEW OF ECONOMIC DYNAMICS | 2003年 / 6卷 / 01期

关键词：

labor market transitions; panel data; job search theory; incomplete markets; savings;

D O I：

10.1016/S1094-2025(02)00013-3

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Does wealth matter for labor market transitions? This paper aims at giving a quantitative answer to this question. Econometric reduced-form estimates on French panel data provide evidence of a significant wealth effect on the extensive margin of labor supply. Both unemployment duration and job quits rise with holdings of short-term liquid assets. This evidence gives support to the recent development of quantitative dynamic equilibrium search models incorporating precautionary savings. We consider such a model calibrated on French data and focus on the role of the option value of search and the disutility of working. In addition, we pay attention to the important interaction between the intensive and the extensive margins of labor supply. (C) 2002 Elsevier Science (USA). All rights reserved.

引用

页码：156 / 178

页数：23

共 21 条

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