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Long-term changes in labor supply and taxes: Evidence from OECD countries, 1956-2004 |
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| Authors: | Lee Ohanian Andrea Raffo |
| Affiliation: | a University of California, Los Angeles, CA 90024, USA b Federal Reserve Bank of Minneapolis, MN 55401, USA c NBER, Boston, MA 02138, USA d Board of Governors of the Federal Reserve System, Washington, DC 20551, USA e Arizona State University, AZ 85287, USA f NBER, Boston, MA 02138, USA |
| Abstract: | We document large differences in trend changes in hours worked across OECD countries between 1956 and 2004. We assess the extent to which these changes are consistent with the intratemporal first order condition from the neoclassical growth model, augmented with taxes on labor income and consumption expenditures. We find that the model can account for most of the trend changes in hours worked measured in the data. Differences in taxes explain much of the variation in hours worked both over time and across countries. |
| Keywords: | E60 H20 J22 |
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