Substitution Over Time
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Substitution Over Time
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Author : Casey B. Mulligan
language : en
Publisher:
Release Date : 1998
Substitution Over Time written by Casey B. Mulligan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Labor supply categories.
Most studies of the intertemporal substitution of work use life cycle data and, from those studies, many have concluded that intertemporal labor substitution is unimportant for macroeconomics. This paper takes another look at life cycle data and argues that a consideration of measurement errors, taxes, on-the-job training the margins' composing aggregate labor supply over the life cycle suggests that substitution over time may be very important for macro fluctuations. The life cycle data used includes fairly standard male cross-section and panel data samples as well as a sample of women experiencing the termination of AFDC benefits as their youngest child turns 18 years old
Substitution Over Time In Work And Consumption
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Author : Robert E. Hall
language : es
Publisher:
Release Date : 1988
Substitution Over Time In Work And Consumption written by Robert E. Hall and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with categories.
Substitution Over Time In Work And Consumption
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Author : Robert E. Hall
language : en
Publisher:
Release Date : 1991
Substitution Over Time In Work And Consumption written by Robert E. Hall and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with categories.
Sir John Hick's Value and Capital provided the theoretical foundation for an important element of modern macroeconomics. Intertemporal substitution - deferral or acceleration of economic activity in response to the real interest rate and other incentives - is the mechanism generally relied upon in equilibrium theories of macroeconomics to explain the irregular evolution of the economy over time. Even theorists who question the pure market-clearing paradigm are concerned with intertemporal substitution in measuring deadweight burden of fluctuations. This paper surveys recent empirical evidence on intertemporal substitution with regard to the type of fluctuations model introduced in Value and Capital
Substitution Over Time In Work And Consumption
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Author :
language : en
Publisher:
Release Date : 1988
Substitution Over Time In Work And Consumption written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with categories.
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 Labour Supply
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Author : Tony S. Wirjanto
language : en
Publisher:
Release Date : 1992
Intertemporal Substitution In Labour Supply written by Tony S. Wirjanto and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with categories.
Intertemporal Substitution And Labour Supply With Time Separable Preferences
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Author : George S. Alogoskoufis
language : en
Publisher:
Release Date : 1985
Intertemporal Substitution And Labour Supply With Time Separable Preferences written by George S. Alogoskoufis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1985 with Business cycles categories.
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 Consumption
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Author : Robert E. Hall
language : en
Publisher:
Release Date : 1988
Intertemporal Substitution In Consumption written by Robert E. Hall and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with categories.
Does a higher real interest rate induce significant postponement of consumption? According to the theory developed here, this question can be answered by studying the relation between the rate of growth of consumption and expected real interest rates. In postwar data for the United States, expected real returns have declined over time in the stock market and for savings accounts. Over the same period, the rate of growth of consumption has been almost steady. The paper concludes that intertemporal substitution is weak, for if it were strong, the growth rate of consumption would have declined
Capital Interest And Aggregate Intertemporal Substitution
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Author : Casey B. Mulligan
language : en
Publisher:
Release Date : 2002
Capital Interest And Aggregate Intertemporal Substitution written by Casey B. Mulligan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Investments categories.