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Human capital and the intertemporal substitution for leisure : empirical evidence for Spain
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Orientador(es)
Resumo(s)
In this paper we provide the first estimate of the intertemporal substitution for leisure
in Spain, accounting for the impact of human capital accumulation. This would
allow uncovering whether the intertemporal labour supply of Spanish workers is
affected by human capital. Our empirical strategy consists of estimating the equation
for the intertemporal substitution of leisure with and without accounting for human
capital, what allows to detect hypothetical estimation biases associated to omitting
the impact of human capital. To that end, we build a pseudo-panel data set combining
the Spanish Family Expenditure Survey and the Labour Survey over the period
1987–1997. While the model that ignores human capital accumulation provides an
estimate of the intertemporal elasticity of substitution for leisure about 0.25, comparable
to previously available estimates for Spain and other economies, the model
with human capital provides an estimate about 0.5, what confirms the existence of a
bias in the former estimates. Finally, this bias is larger for the younger cohorts than
for the older ones.
Descrição
Palavras-chave
Euler equation Instrumental variables Intertemporal substitution for leisure Panel data
Contexto Educativo
Citação
Cutanda, Antonio and Juan A. Sanchis‑Llopis (2023). "Human capital and the intertemporal substitution for leisure : empirical evidence for Spain". Portuguese Economic Journal, 22(3):377-396
Editora
Springer