Philly Fed on labour choices and consumption behaviour
A Philadelphia Federal Reserve paper published on Tuesday shows that the amount of time an average worker spends working declines after the age of 50, as preferences shift towards more leisure hours.
Michael Dotsey, Wenli Li and Fang Yang, the paper's authors, examine life-cycle patterns of households. They utilise the concepts of market and home hours, defining the former as the time the head of the household spends working, searching for jobs and commuting and treating the remaining time as
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