Abstract
In the empirical work in our article on the intertemporal substitution of leisure time for married women (Heckman and MaCurdy (1980)) we inadvertently constrained the estimated intertemporal substitution elasticity to be too high. Since this parameter plays a prominent role in discussions of equilibrium models of the business cycle and since our empirical work has been cited in discussions on this topic (e.g. Hall (1980)), we would like to present a corrected set of empirical results for our model. The period t utility function adopted in this note is (in the notation of our original paper, equation (15))
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