Intertemporal Substitution In Macroeconomics
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Intertemporal Substitution In Macroeconomics
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Author : N. Gregory Mankiw
language : en
Publisher:
Release Date : 1982
Intertemporal Substitution In Macroeconomics written by N. Gregory Mankiw and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1982 with Consumption (Economics) categories.
Modern neoclassical theories of the business cycle posit that aggregate fluctuations in consumption and employment are the consequence of dynamic optimizing behavior by economic agents who face no quantity constraint. In this paper, we estimate an explicit model :f this type. In particular, we assume that the observed fluctuations correspond to the decisions of an optimizing representative individual. This individual has a stable utility function which is additively separable over time but not necessarily additively separable in consumption and leisure. We estimate three first order conditions which represent three margins on which the individual is optimizing. He can trade off present consumption for future consumption, present leisure for future leisure and present consumption for present leisure. Our results show that the aggregate U.S. data are extremely reluctant to be characterized by a model of this type. Not only are the overidentifying restrictions statistically rejected but, in addition, the estimated utility function is often not concave. Even when it is concave the estimates imply that either consumption or leisure is an inferior good.
Intertemporal Substitution In Macroeconomics Classic Reprint
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Author : N. Gregory Mankiw
language : en
Publisher:
Release Date : 2015-08-05
Intertemporal Substitution In Macroeconomics Classic Reprint written by N. Gregory Mankiw and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-08-05 with Business & Economics categories.
Excerpt from Intertemporal Substitution in Macroeconomics Modern neoclassical theories of the business cycle posit that aggregate fluctuations in consumption and employment are the consequence of dynamic optimizing behavior by economic agents who face no quantity constraint. In this paper, we estimate an explicit model of this type. In particular, we assume that the observed fluctuations correspond to the decisions of an optimizing representative individual. This individual has a stable utility function which is additively separable over time but not necessarily additively separable in consumption and leisure. We estimate three first order conditions which represent three margins on which the individual is optimizing. He can trade off present consumption for future consumption, present leisure for future leisure and present consumption for present leisure. Our results show that the aggregate U.S. data are extremely reluctant to be characterized by a model of this type. Not only are the overidentifying restrictions statistically rejected but, In addition, the estimated utility function is often not concave. Even when it is concave the estimates imply that either consumption or leisure is an inferior good. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Intertemporal Substitution In Macroeconomics
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Author : N. Gregory Mankiw
language : en
Publisher: Hardpress Publishing
Release Date : 2013-12
Intertemporal Substitution In Macroeconomics written by N. Gregory Mankiw and has been published by Hardpress Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12 with categories.
Unlike some other reproductions of classic texts (1) We have not used OCR(Optical Character Recognition), as this leads to bad quality books with introduced typos. (2) In books where there are images such as portraits, maps, sketches etc We have endeavoured to keep the quality of these images, so they represent accurately the original artefact. Although occasionally there may be certain imperfections with these old texts, we feel they deserve to be made available for future generations to enjoy.
Intertemporal Substitution In Macroeconomics
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Author : Lawrence H. Summers
language : en
Publisher:
Release Date : 1986
Intertemporal Substitution In Macroeconomics written by Lawrence H. Summers and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986 with categories.
Modern neoclassical theories of the business cycle posit that aggregate fluctuations in consumption and employment are the consequence of dynamic optimizing behavior by economic agents who face no quantity constraint. In this paper, we estimate an explicit model :f this type. In particular, we assume that the observed fluctuations correspond to the decisions of an optimizing representative individual. This individual has a stable utility function which is additively separable over time but not necessarily additively separable in consumption and leisure. We estimate three first order conditions which represent three margins on which the individual is optimizing. He can trade off present consumption for future consumption, present leisure for future leisure and present consumption for present leisure. Our results show that the aggregate U.S. data are extremely reluctant to be characterized by a model of this type. Not only are the overidentifying restrictions statistically rejected but, in addition, the estimated utility function is often not concave. Even when it is concave the estimates imply that either consumption or leisure is an inferior good
Intertemporal Substitution In Macroeconomics
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Author : Ali Dib
language : en
Publisher:
Release Date : 2005
Intertemporal Substitution In Macroeconomics written by Ali Dib and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Employment (Economic theory) categories.
"The hypothesis of intertemporal substitution in labour supply has a history of empirical failure when confronted with aggregate time-series data. The authors show that a two-dimensional labour supply model, adapted to an environment with money as originally proposed by Lucas and Rapping (1969) and Lucas (1972), performs very well. The overidentifying restrictions implied by the model are far from rejected. The estimated parameters of preferences are generally stable and meaningful. Furthermore, the estimated wage elasticities of labour supply are much higher than previously found in the literature. "--pub. website.
Intertemporal Substitution In Consumption Revisited
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Author : Zuliu Hu
language : en
Publisher: International Monetary Fund
Release Date : 1993-03
Intertemporal Substitution In Consumption Revisited written by Zuliu Hu and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993-03 with Business & Economics categories.
Some of the highly controversial questions in macroeconomics critically hinge on the value of a single parameter of consumer preference--the elasticity of intertemporal substitution. This paper provides new estimates of this parameter for individual G-7 and a panel of twenty OECD countries. We find that single equation GMM estimates are typically small and imprecise, consistent with Hall’s (1988) finding from the U.S. data. Estimation of a system of equations that takes into account the cross-equation restrictions implied by theory, however, generally gives larger and better determined values for the parameter. The panel procedure also yields relatively large estimates. Overall our multi-country results contradict the hypothesis of zero intertemporal substitution.
Intertemporal Substitution In Macroeconomics Evidence Of A Two Dimensional Labour Supply Mode With Money
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Author : Phaneuf, Louis
language : en
Publisher:
Release Date : 2005
Intertemporal Substitution In Macroeconomics Evidence Of A Two Dimensional Labour Supply Mode With Money written by Phaneuf, Louis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Labor supply categories.
Intertemporal Planning Exchange And Macroeconomics
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Author : David Fokke Ihno Folkerts-Landau
language : en
Publisher: Cambridge University Press
Release Date : 1982-07-30
Intertemporal Planning Exchange And Macroeconomics written by David Fokke Ihno Folkerts-Landau and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1982-07-30 with Business & Economics categories.
This study attempts to provide modern macroeconomic analysis with a foundation in macroeconomic and general equilibrium theory.
Reconciling Conflicting Evidence On The Elasticity Of Intertemporal Substitution
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Author : M. Fatih Guvenen
language : en
Publisher:
Release Date : 2002
Reconciling Conflicting Evidence On The Elasticity Of Intertemporal Substitution written by M. Fatih Guvenen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Macroeconomics categories.
A Framework For Relating Microeconomic And Macroeconomic Evidence On Intertemporal Substitution
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Author : Thomas E. MaCurdy
language : en
Publisher:
Release Date : 1985
A Framework For Relating Microeconomic And Macroeconomic Evidence On Intertemporal Substitution written by Thomas E. MaCurdy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1985 with Consumption (Economics) categories.