Exploring Frisch Elasticity through Wage and Labor Supply Changes: An Analysis of the National Longitudinal Survey of Youth 1997
Abstract
This study examines the intricate relationship between changes in wages and labor supply utilizing the comprehensive dataset from the National Longitudinal Survey of Youth 1997 (NLSY97). By leveraging Ordinary Least Squares (OLS) and Instrumental Variable (IV) regression models, our objective is to illuminate the Frisch elasticity, a critical measure that quantifies the sensitivity of labor supply to predictable alterations in wages. Our analysis delves into various subgroups, including gender and income levels, to uncover potential disparities in this elasticity. The findings from this research offer valuable insights into the dynamics of labor market behavior and its implications for policy formulation.
Keywords
Frisch elasticity; Labor supply; Wage changes; NLSY97; OLS regression; IV regression
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DOI: http://dx.doi.org/10.70711/cle.v2i4.5639
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