scholarly journals Are Micro and Macro Labor Supply Elasticities Consistent? A Review of Evidence on the Intensive and Extensive Margins

2011 ◽  
Vol 101 (3) ◽  
pp. 471-475 ◽  
Author(s):  
Raj Chetty ◽  
Adam Guren ◽  
Day Manoli ◽  
Andrea Weber
Keyword(s):  
Steady State ◽  
Business Cycle ◽  
Labor Supply ◽  
State Of The Art ◽  
Extensive Margin ◽  
Business Cycle Fluctuations ◽  
Extensive And Intensive Margins ◽  
Quasi Experimental ◽  
Order Of Magnitude ◽  
Cross Country

We evaluate whether state-of-the-art macro models featuring indivisible labor are consistent with modern quasi-experimental micro evidence by synthesizing evidence on both the intensive and extensive margins. We find that micro estimates are consistent with macro estimates of the steady-state (Hicksian) elasticities relevant for cross-country comparisons on both the extensive and intensive margins. However, micro estimates of intertemporal substitution (Frisch) elasticities are an order of magnitude smaller than the values needed to explain business cycle fluctuations in aggregate hours by preferences. The key puzzle to be resolved is why micro and macro estimates of the Frisch extensive margin elasticity are so different.

scholarly journals INTERACTING BUSINESS CYCLE FLUCTUATIONS: A TWO-COUNTRY MODEL

2006 ◽  
Vol 51 (03) ◽  
pp. 365-394 ◽  
Author(s):  
CARL CHIARELLA ◽  
PETER FLASCHEL ◽  
HING HUNG
Keyword(s):  
Steady State ◽  
Business Cycle ◽  
Foreign Exchange ◽  
Open Economies ◽  
Wage Rigidity ◽  
Market Clearing ◽  
Feedback Mechanisms ◽  
Money Wage ◽  
The Real ◽  
Business Cycle Fluctuations

In this paper, we develop a model of business cycle fluctuations between two interacting open economies within the disequilibrium or non-market clearing paradigm. We analyze the main feedback mechanisms (Keynes, Mundell, Rose and Dornbusch) driving the dynamics and the conflict between their stabilizing and destabilizing tendencies and how these depend on certain key speeds of adjustment in the real and foreign exchange sectors. We explore numerically a variety of situations of interacting price cycles in the two countries, where the steady state is locally repelling, but where the overall dynamics are bounded in an economically meaningful domain by assuming downward money wage rigidity.

Labor Supply and the Extensive Margin

2011 ◽  
Vol 101 (3) ◽  
pp. 482-486 ◽  
Author(s):  
Richard Blundell ◽  
Antoine Bozio ◽  
Guy Laroque
Keyword(s):  
Labor Supply ◽  
Extensive Margin ◽  
Extensive And Intensive Margins ◽  
The Us ◽  
Hours Of Work ◽  
The Uk ◽  
Over Time

In this paper we propose a systematic way of examining the importance of the extensive and the intensive margins of labor supply in order to explain the overall movements in total hours of work over time. We show how informative bounds can be developed on each of these margins. We apply this analysis to the evolution of hours of work in the US, the UK, and France and show that both the extensive and intensive margins matter in explaining changes in total hours.

Interpreting Labor Supply Regressions in a Model of Full- and Part-Time Work

2011 ◽  
Vol 101 (3) ◽  
pp. 476-481 ◽  
Author(s):  
Yongsung Chang ◽  
Sun-Bin Kim ◽  
Kyooho Kwon ◽  
Richard Rogerson
Keyword(s):  
Steady State ◽  
Labor Supply ◽  
Simulated Data ◽  
Extensive Margin ◽  
Full Time ◽  
Intensive Margin ◽  
True Value ◽  
Time Work ◽  
Part Time ◽  
Part Time Work

We construct a family model of labor supply that features adjustment along both the intensive and extensive margin. Intensive margin adjsutment is restricted to two values: full-time work and part-time work. Using simulated data from the steady state of the calibrated model, we examine whether standard labor supply regressions can uncover the true value of the intertemporal elasticity of labor supply parameter. We find positive estimated elasticities that are larger for women and that are highly significant, but they bear virtually no relationship to the underlying preference parameters.

scholarly journals Social Security, Labor Supply and Health of Older Workers: Quasi-Experimental Evidence from a Large Reform

2020 ◽  
Author(s):  
Itay Saporta-Eksten ◽  
Ity Shurtz ◽  
Sarit Weisburd
Keyword(s):  
Social Security ◽  
Labor Supply ◽  
Older Workers ◽  
Household Wealth ◽  
Extensive Margin ◽  
Tax Rate ◽  
Pension Systems ◽  
Mortality Effect ◽  
Retirement Timing ◽  
Quasi Experimental

Abstract We study the effects of public pension systems on the retirement timing of older workers and, in turn, the health consequences of delaying retirement by those workers. Causal inference relies on a social security reform in Israel that shifted payments from husbands to their (non-working) wives, thereby substantially reducing the implied tax on the husband's employment while keeping overall household wealth constant. Using administrative social security data, we estimate extensive-margin labor supply elasticities w.r.t. the average net-of-tax rate of about 0.43 for men over 65. Using the reform to instrument for employment, we find that working an additional full year at old age decreases longevity. This mortality effect occurs after age 75 and is driven by workers holding blue-collar jobs. Finally, we evaluate the effect of the reform on earnings. The results imply a small value for an additional year of life, suggesting that workers underestimate the health cost of employment at older ages.

scholarly journals Small footprint optoelectrodes using ring resonators for passive light localization

2021 ◽  
Vol 7 (1) ◽  
Author(s):  
Vittorino Lanzio ◽  
Gregory Telian ◽  
Alexander Koshelev ◽  
Paolo Micheletti ◽  
Gianni Presti ◽  
...  
Keyword(s):  
State Of The Art ◽  
Three Dimensional ◽  
Network Activity ◽  
Ring Resonators ◽  
Spatiotemporal Resolution ◽  
Optical Ring Resonators ◽  
Light Localization ◽  
Order Of Magnitude ◽  
Small Footprint

AbstractThe combination of electrophysiology and optogenetics enables the exploration of how the brain operates down to a single neuron and its network activity. Neural probes are in vivo invasive devices that integrate sensors and stimulation sites to record and manipulate neuronal activity with high spatiotemporal resolution. State-of-the-art probes are limited by tradeoffs involving their lateral dimension, number of sensors, and ability to access independent stimulation sites. Here, we realize a highly scalable probe that features three-dimensional integration of small-footprint arrays of sensors and nanophotonic circuits to scale the density of sensors per cross-section by one order of magnitude with respect to state-of-the-art devices. For the first time, we overcome the spatial limit of the nanophotonic circuit by coupling only one waveguide to numerous optical ring resonators as passive nanophotonic switches. With this strategy, we achieve accurate on-demand light localization while avoiding spatially demanding bundles of waveguides and demonstrate the feasibility with a proof-of-concept device and its scalability towards high-resolution and low-damage neural optoelectrodes.

scholarly journals News-Driven Business Cycles: Insights and Challenges

2014 ◽  
Vol 52 (4) ◽  
pp. 993-1074 ◽  
Author(s):  
Paul Beaudry ◽  
Franck Portier
Keyword(s):  
Business Cycles ◽  
Business Cycle ◽  
Empirical Evidence ◽  
Economic Fluctuations ◽  
Aggregate Fluctuations ◽  
Business Cycle Fluctuations ◽  
Widespread Belief ◽  
Way Of Thinking ◽  
The Many

There is a widespread belief that changes in expectations may be an important independent driver of economic fluctuations. The news view of business cycles offers a formalization of this perspective. In this paper we discuss mechanisms by which changes in agents' information, due to the arrival of news, can cause business cycle fluctuations driven by expectational change, and we review the empirical evidence aimed at evaluating their relevance. In particular, we highlight how the literature on news and business cycles offers a coherent way of thinking about aggregate fluctuations, while at the same time we emphasize the many challenges that must be addressed before a proper assessment of the role of news in business cycles can be established. (JEL D83, D84, E13, E32, O33)

Two Orders of Magnitude Improvement in the Detection Limit of Droplet-Based Micro-Magnetofluidics with Planar Hall Effect Sensors

2021 ◽  
Vol 6 (1) ◽  
pp. 47
Author(s):  
Julian Schütt ◽  
Rico Illing ◽  
Oleksii Volkov ◽  
Tobias Kosub ◽  
Pablo Nicolás Granell ◽  
...  
Keyword(s):  
Detection Limit ◽  
Hall Effect ◽  
State Of The Art ◽  
Limit Of Detection ◽  
Research Field ◽  
High Throughput Analysis ◽  
Planar Hall Effect ◽  
Biologically Relevant ◽  
Sensing Platform ◽  
Order Of Magnitude

The detection, manipulation, and tracking of magnetic nanoparticles is of major importance in the fields of biology, biotechnology, and biomedical applications as labels as well as in drug delivery, (bio-)detection, and tissue engineering. In this regard, the trend goes towards improvements of existing state-of-the-art methodologies in the spirit of timesaving, high-throughput analysis at ultra-low volumes. Here, microfluidics offers vast advantages to address these requirements, as it deals with the control and manipulation of liquids in confined microchannels. This conjunction of microfluidics and magnetism, namely micro-magnetofluidics, is a dynamic research field, which requires novel sensor solutions to boost the detection limit of tiny quantities of magnetized objects. We present a sensing strategy relying on planar Hall effect (PHE) sensors in droplet-based micro-magnetofluidics for the detection of a multiphase liquid flow, i.e., superparamagnetic aqueous droplets in an oil carrier phase. The high resolution of the sensor allows the detection of nanoliter-sized superparamagnetic droplets with a concentration of 0.58 mg cm−3, even when they are only biased in a geomagnetic field. The limit of detection can be boosted another order of magnitude, reaching 0.04 mg cm−³ (1.4 million particles in a single 100 nL droplet) when a magnetic field of 5 mT is applied to bias the droplets. With this performance, our sensing platform outperforms the state-of-the-art solutions in droplet-based micro-magnetofluidics by a factor of 100. This allows us to detect ferrofluid droplets in clinically and biologically relevant concentrations, and even in lower concentrations, without the need of externally applied magnetic fields.

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