Lifetime Labor Supply and Human Capital Investments
2010/12/21
研討會日期 : 2010-12-21
時間 : 14:30
主講人 : Professor Yongseok Shin
地點 : Conference Room B110
演講者簡介 : Yongseok Shin got his Ph.D. in Economics from Stanford University in 2004. He is currently serving as Assistant Professor of Department of Economics at Washington University in St. Louis and Research Fellow at Federal Reserve Bank of St. Louis. His research field is in macroeconomics and economic growth.
演講摘要 : We study a model of the choice of lifetime labor supply－or career length, a measure of the quantity of labor－and human capital investments－a measure of the quality of labor. We use the model to study the effects of policies and shocks on both the quantity and quality of labor supply. We find that unanticipated shocks have non-monotonic effects on effective labor supply and that the impact on career length depends on the age of the worker at the time of the shock. We calibrate the model and conduct two types of experiments. First, we find that, for some European countries, a switch to the U.S. style retirement system produces large gains in output per worker in the long run. We then quantify the impact on the U.S. of an increase in the full retirement age by two years (a seven-percent increase in output per worker), an increase in life expectancy by two years (a four-percent drop in output per worker), and the elimination of social security (a 45-percent increase in output per worker). Overall, we find that the lifetime labor supply (quantity of labor) is relatively inelastic with respect to the type of experiments that we conduct, and that changes in output are essentially driven by changes in human capital (quality of labor).
