scholarly journals Optimal Life-Cycle Investing with Flexible Labor Supply: A Welfare Analysis of Life-Cycle Funds

2008 ◽  
Author(s):  
Francisco Gomes ◽  
Laurence Kotlikoff ◽  
Luis Viceira
Keyword(s):  
Life Cycle ◽  
Labor Supply ◽  
Welfare Analysis ◽  
Flexible Labor ◽  
Life Cycle Investing

scholarly journals Optimal Life-Cycle Investing with Flexible Labor Supply: A Welfare Analysis of Life-Cycle Funds

2008 ◽  
Vol 98 (2) ◽  
pp. 297-303 ◽  
Author(s):  
Francisco J Gomes ◽  
Laurence J Kotlikoff ◽  
Luis M Viceira
Keyword(s):  
Life Cycle ◽  
Labor Supply ◽  
Welfare Analysis ◽  
Flexible Labor ◽  
Life Cycle Investing

Life Cycle Investing and Smart Beta Strategies

2017 ◽  
Author(s):  
Bill Carson ◽  
Sara Shores ◽  
Nicholas Nefouse
Keyword(s):  
Life Cycle ◽  
Life Cycle Investing ◽  
Smart Beta

scholarly journals An Empirical Model of Labor Supply in a Life-Cycle Setting

1981 ◽  
Vol 89 (6) ◽  
pp. 1059-1085 ◽  
Author(s):  
Thomas E. MaCurdy
Keyword(s):  
Life Cycle ◽  
Labor Supply ◽  
Empirical Model

Micro and Macro Labor Supply Elasticities: A Reassessment of Conventional Wisdom

2012 ◽  
Vol 50 (2) ◽  
pp. 464-476 ◽  
Author(s):  
Michael Keane ◽  
Richard Rogerson
Keyword(s):  
Human Capital ◽  
Life Cycle ◽  
Optimal Design ◽  
Labor Supply ◽  
Capital Accumulation ◽  
Conventional Wisdom ◽  
Human Capital Accumulation ◽  
Micro Data ◽  
Large Aggregate ◽  
Economic Issues

The response of aggregate labor supply to various changes in the economic environment is central to many economic issues, especially the optimal design of tax policies. Conventional wisdom based on studies in the 1980s and 1990s has long held that the analysis of micro data leads one to conclude that aggregate labor supply elasticities are quite small. In this paper we argue that this conventional wisdom does not hold up to empirically reasonable and relevant extensions of simple life cycle models that served as the basis for these conclusions. In particular, we show that several pieces of conventional wisdom fail in the presence of human capital accumulation or labor supply decisions that allow for adjustment along both the extensive and intensive margin. We conclude that previous estimates of small labor supply elasticities based on micro data are fully consistent with large aggregate labor supply elasticities. (JEL D91, E24, J22)

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