Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/55099 
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dc.contributor.authorGonzález, Robertoen
dc.contributor.authorSala, Hectoren
dc.date.accessioned2012-01-24-
dc.date.accessioned2012-02-07T10:48:28Z-
dc.date.available2012-02-07T10:48:28Z-
dc.date.issued2011-
dc.identifier.piurn:nbn:de:101:1-201110263314en
dc.identifier.urihttp://hdl.handle.net/10419/55099-
dc.description.abstractThis paper provides estimates for the Mercosur countries of the Frisch elasticity - i.e., the elasticity of substitution between worked hours and real wages holding constant the marginal utility of wealth. We find a strong heterogeneity, with estimated elasticities ranging from 12.8 in Argentina to -13.1 in Paraguay. Brazil and Uruguay are in between, both with negative values of -1.9 and -1.4, respectively. We argue that the existence of severe liquidity constraints is the main reason behind the negative estimates found in Brazil, Paraguay and Uruguay. The heterogeneity of these estimates is the outcome of differences in many relevant economic dimensions - ranging from sectorial specialization to welfare state provisions and labor market specificities - all of them crucially affecting the socioeconomic situation of individuals. The diversity of Frisch elasticities calls for the development of a cross-country (rather than a within-country) policy approach, since they crucially affect the dynamics of the business cycle and business cycle synchronization is a step prior to the design of macro-convergence policies in the Mercosur context.en
dc.language.isoengen
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonnen
dc.relation.ispartofseries|aIZA Discussion Papers |x5993en
dc.subject.jelJ22en
dc.subject.jelJ82en
dc.subject.jelD91en
dc.subject.ddc330en
dc.subject.keywordFrisch elasticityen
dc.subject.keywordlabor supplyen
dc.subject.keywordliquidity constraintsen
dc.subject.keywordMercosuren
dc.subject.keywordlife-cycle modelsen
dc.subject.keywordpseudo-panel (synthetic panel)en
dc.subject.stwArbeitszeiten
dc.subject.stwReallohnen
dc.subject.stwSubstitutionselastizitäten
dc.subject.stwArbeitsangeboten
dc.subject.stwVerschuldungsrestriktionen
dc.subject.stwLebenszyklusen
dc.subject.stwSchätzungen
dc.subject.stwMERCOSUR-Staatenen
dc.titleThe Frisch elasticity in the Mercosur countries: A pseudo-panel approach-
dc.typeWorking Paperen
dc.identifier.ppn684016087en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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