Anticipated and unanticipated wage changes, wage risk, and intertemporal labor supply
成果类型：
Article
署名作者：
Pistaferri, L
署名单位：
Stanford University; Centre for Economic Policy Research - UK
刊物名称：
JOURNAL OF LABOR ECONOMICS
ISSN/ISSBN：
0734-306X
DOI：
10.1086/374965
发表日期：
2003
页码：
729-754
关键词：
摘要：
In this article, I estimate how labor supply responds to anticipated wage growth, unanticipated wage growth, and wage risk using the 1989-93 panel section of the Bank of Italy Survey of Households' Income and Wealth (SHIW), which collects individual expectations of future wages. The use of subjective expectations has several advantages. First, they provide information on the evolution and riskiness of future wages that the econometrician may never hope to observe. Moreover, this avoids the need for specifying instruments for the growth rate of wages. Finally, forecast errors can be directly controlled for, thus avoiding inconsistency in short panels.
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