Millennials: Maligned or miscreants?

This paper explores the degree to which labor supply behavior differs among Millennials, relative to earlier generations, especially to that of Baby‐boomers. I find that wage and income elasticities are lower among Millennials, which can partly be attributed to trends beginning before their time. Responses to cyclical factors appear unchanged across generations. The overall lower observed labor supply among Millennials is nuanced with their behavior putting downward pressure on both hours and participation, whereas their characteristics are propping up labor supply. These differences could have important implications for economic growth and policy considerations.