| Item Type |
Journal paper
|
| Abstract |
The absence of a trend in hours worked in the postwar United States is an exception: across countries and historically, hours fall steadily by a little below 0.5% per year. Are steadily falling hours consistent with a stable utility function over consumption and leisure under balanced growth of the macroeconomic aggregates? Yes. We fully characterize the class of such functions and thus generalize the well-known “balanced-growth preferences” that demand constant (as opposed to falling) long-run hours. Key to falling hours is an income effect (of steady productivity growth on hours) that slightly outweighs the substitution effect. |
| Authors |
Boppart, Timo & Krusell, Per |
| Journal or Publication Title |
Journal of Political Economy |
| Language |
English |
| Subjects |
economics |
| HSG Classification |
contribution to scientific community |
| HSG Profile Area |
None |
| Refereed |
Yes |
| Date |
2020 |
| Volume |
128 |
| Number |
1 |
| Page Range |
118-157 |
| ISSN |
0022-3808 |
| Publisher DOI |
https://doi.org/10.1086/704071 |
| Depositing User |
Prof. PhD Timo Boppart
|
| Date Deposited |
04 Dec 2020 13:58 |
| Last Modified |
20 Jul 2022 17:43 |
| URI: |
https://www.alexandria.unisg.ch/publications/261582 |
Labor supply in the past, present, and future: A balanced-growth perspective
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