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| Author: | Imai, S. Keane, M.P. |
| Title: | Intertemporal labor supply and human capital accumulation |
| Journal: | International Economic Review
2004 : MAY, VOL. 45:2, p. 601-641 |
| Index terms: | Capital accumulation Human capital Intertemporal economics Labour supply |
| Language: | eng |
| Abstract: | A dynamic model that allows agents to optimally choose their labor hours and consumption and that allows for both human capital accumulation and savings is solved and estimated in this paper. Estimation results and simulation exercises indicate that the intertemporal elasticity of substitution is much higher than the conventional estimates and the downward bias comes from the omission of the human capital accumulation effect. |
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