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Indivisible Labor and Its Supply Elasticity: Do Taxes Explain European Employment?

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Author Info
Lars Ljungqvist () (DEPT OF ECONOMICS STOCKHOLM SCHOOL OF ECONOMICS)
Thomas J. Sargent

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Abstract

We first scrutinize and challenge Prescott's (2002, 2004) quantitative analysis of the role of differences in taxes in explaining cross-country differences in labor market outcomes, and then defend an alternative model that assigns an important role to cross-country differences in social unemployment insurance institutions that Prescott argues can be safely ignored. In the process, we explore how the assumption of indivisible labor interacts with assumptions regarding the (in)completeness of financial markets and any frictions in the labor market, to determine the labor supply elasticity.

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File URL: http://repec.org/sed2006/up.17323.1140039244.pdf
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Publisher Info
Paper provided by Society for Economic Dynamics in its series 2006 Meeting Papers with number 734.

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Date of creation: 03 Dec 2006
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Handle: RePEc:red:sed006:734

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Related research
Keywords: Employment lotteries indivisible labor labor supply elasticity taxation unemployment unemployment insurance

Find related papers by JEL classification:
E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
J64 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - Unemployment: Models, Duration, Incidence, and Job Search

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