We look at how strongly shocks to wealth affect labour supply, using Italian data. We use asset price shocks to provide a measure of wealth changes that is exogenous to the household's saving and labour supply. Results point to significant effects of wealth on hours of work, whether agents leave their jobs and labour earnings. The magnitude of these effects can be substantial – for example, for individuals who suffered larger wealth losses during the financial crisis. Responses are similar for men and women on average, but older working-age individuals have relatively strong responses that drive the population results. Short-run effects are somewhat persistent.

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劳动力供应对金融财富冲击的反应：来自意大利的证据

我们使用意大利数据来研究财富冲击对劳动力供应的影响有多大。我们使用资产价格冲击来衡量家庭储蓄和劳动力供应外生的财富变化。结果表明财富对工作时间、代理人是否离职和劳动收入有显着影响。这些影响的程度可能是巨大的——例如，对于在金融危机期间遭受更大财富损失的个人而言。平均而言，男性和女性的反应相似，但年龄较大的工作年龄个体的反应相对强烈，从而推动了人口结果。短期影响有些持久。