Substitution Over Time In Work And Consumption
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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 Ernest Hall
language : en
Publisher:
Release Date : 1988
Substitution Over Time In Work And Consumption written by Robert Ernest 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 Consumption (Economics) categories.
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.
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
Intertemporal Substitution In Macroeconomics
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Author : N Gregory Mankiw
language : en
Publisher: Legare Street Press
Release Date : 2023-07-18
Intertemporal Substitution In Macroeconomics written by N Gregory Mankiw and has been published by Legare Street Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-07-18 with categories.
This comprehensive guide to intertemporal substitution in macroeconomics explores the economic impacts of individuals and firms shifting consumption patterns over time. Written by acclaimed economists Rotemberg, Summers, and Mankiw, this book is a must-read for anyone seeking to understand the complexities of modern macroeconomic theory. This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work is in the "public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Optimal Consumption With Intertemporal Substitution I
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Author : Ayman Hindy
language : en
Publisher: Forgotten Books
Release Date : 2018-02-10
Optimal Consumption With Intertemporal Substitution I written by Ayman Hindy and has been published by Forgotten Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-02-10 with Business & Economics categories.
Excerpt from Optimal Consumption With Intertemporal Substitution I: The Case of Certainty These non-time-additive utility functions offer intuitively appealing notions of interactions between past and current consumption. They are also mathematically tractable. Optimal con sumption policies can be characterized using dynamic programming. For particular functional forms of the felicity function, one can even have closed form expressions for these policies. Unfortunately, these utility functions fail to exhibit one key economic property that underlies much of our intuition about the behavior of asset prices over time in the absence of arbitrage possibilities. 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.
Labor Supply
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Author : Miles S. Kimball
language : en
Publisher:
Release Date : 2008
Labor Supply written by Miles S. Kimball and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Labor supply categories.
Labor supply is unresponsive to permanent changes in wage rates. Thus, income and substitution effects cancel, but are they both close to zero or both large? This paper develops a theory of labor supply where income and substitution effects cancel, taking into account optimization over time, fixed costs of going to work, and interactions of labor supply decisions within the household. The paper then applies this theory to survey evidence on the response of labor supply to a large wealth shock. The evidence implies that the constant marginal utility of wealth (Frisch) elasticity of labor supply is about one.
Intertemporal Substitution In Consumption
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Author : Robert Ernest Hall
language : en
Publisher:
Release Date : 1981
Intertemporal Substitution In Consumption written by Robert Ernest Hall and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1981 with Consumption (Economics) 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.
Optimal Consumption And Portfolio Rules
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Author : Ayman Hindy
language : en
Publisher:
Release Date : 2015-08-05
Optimal Consumption And Portfolio Rules written by Ayman Hindy 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 Optimal Consumption and Portfolio Rules: With Durability and Local Substitution We study a model of optimal consumption and portfolio choice which captures, in two different interpretations, the notions of local substitution and irreversible purchases of durable goods. The class of preferences we consider excludes all nonlinear time-additive and nearly all the non-time-additive utility functions used in the literature. We discuss heuristically necessary conditions and provide sufficient conditions for a consumption and portfolio policy to be optimal. Furthermore, we demonstrate our general theory by solving in a closed form the optimal consumption and portfolio policy for a particular felicity function when the prices of the assets follow a geometric Brownian motion process. The optimal consumption policy in our solution consists of a possible initial "gulp" of consumption, or a period of no consumption, followed by a process of accumulated consumption with singular sample paths. In almost all states of nature, the agent consumes periodically and invests more in the risky assets than an agent with time-additive utility whose felicity function has the same curvature and the same time-discount parameter. We compute the equilibrium risk premium in a representative investor economy with a single physical production technology whose rate of return follows a Brownian motion. In addition, we provide some simulation results that demonstrate the properties of the purchase series for durable goods with different half-lives. 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.
Optimal Consumption And Portfolio Rules
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Author : Ayman Hindy
language : en
Publisher: Forgotten Books
Release Date : 2018-02-12
Optimal Consumption And Portfolio Rules written by Ayman Hindy and has been published by Forgotten Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-02-12 with Mathematics categories.
Excerpt from Optimal Consumption and Portfolio Rules: With Local Substitution Now consider an agent with a time-additive utility function for consumption, u(c, t) and an initial wealth W0 0. Assume throughout that u(c, t) is continuous in concave and increasing in c, and is possibly unbounded from below at c 0. This agent wants to manage a portfolio of the risky securities and the bond, and withdraw funds out of the portfolio to maximize his expected utility of consumption over time. Our task here is to find conditions on the utility function and on the price processes to guarantee the existence of a solution to the agent's problem. 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.