Female labour force participation and labour supply, in the US, as in many other developed countries, has changed dramatically over the last 30 years. If one compares cohorts of women born in the 1930s (such as Elizabeth Dole), 1940s (Hillary Clinton) and 1950s (Oprah Winfrey), two main features...

This paper studies the life-cycle labor supply of three cohorts of American women, born in the 1930s, 1940s, and 1950s. We focus on the increase in labor supply of mothers between the 1940s and 1950s cohorts. We construct a lifecycle model of female participation and savings, and calibrate the...

This paper develops a model of marriage, labor supply, savings and divorce under limited commitment and uses it to understand the impact of major welfare reforms, including the time-limited eligibility in the TANF program. In the model, taxes and welfare can affect whether marriage and divorce...

We define the distinction between productivity and employment risk and estimate the components of risk using wage and mobility data from the Panel Study of Income Dynamics. We then calibrate a model of intertemporal consumption and labor supply and study the effect of the two sources of risk on...

We use longitudinal data on consumption, disability status, disability insurance recipiency, and earnings to measure the welfare loss of disability shocks. We decompose earnings risk into shocks due to the emergency of disability and shocks to general productivity. We then examine the issue of...

In this paper we consider conditions under which the estimation of a log-linearized Euler equation for consumption yields consistent estimates of preference parameters. When utility is isoelastic and a sample covering a long time period is available, consistent estimates are obtained from the...