A flexible labor margin allows households to absorb shocks to asset values with changes in hours worked as well as changes in consumption. This ability to absorb shocks along both margins greatly ...

In dynamic stochastic general equilibrium (DSGE) models, the household’s labor margin as well as consumption margin affects Arrow-Pratt risk aversion. This paper derives simple, closed-form ...

In China, Young People Ditch Prestige Jobs for Manual Labor . Some people who’ve walked away from China’s grueling corporate culture say it’s worth the financial sacrifice.