Children, Time Allocation, and Consumption Insurance

• 成果类型: Article
• 署名作者: Blundell, Richard; Pistaferri, Luigi; Saporta-Eksten, Itay
• 署名单位: University of London; University College London; University of London; London School Economics & Political Science; Stanford University; Tel Aviv University
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/698752
• 发表日期: 2018
• 页码: S73-S115
• 关键词: life-cycle; idiosyncratic risk; LABOR; INEQUALITY; constraints; earnings; choices

摘要

We study choices of households deciding on consumption and allocation of spouses' time to work, leisure, and child care. With uncertainty, the allocation of goods and time over the life cycle also serves the purpose of smoothing marginal utility in response to shocks. Combining data on consumption, wages, hours of work, and time spent with children, we compute the sensitivity of consumption and time allocation to transitory and permanent wage shocks. We find that family labor supply responses depend on three counteracting forces: complementarity of leisure time, substitutability of time in the production of child services, and added worker effects.