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A Time Series Analysis of Representative Agent Models of Consumption and Leisure Choice under Uncertainty
Open accessAbstract
This paper investigates empirically a model of aggregate consumption and leisure decisions in which utility from goods and leisure is nontime-separable. The nonseparability of preferences accommodates intertemporal substitution or complementarity of leisure and thereby affects the comovements in aggregate compensation and hours worked. These cross-relations are examined empirically using postwar monthly U. S. data on quantities, real wages, and the real return on the one-month Treasury bill. The estimated values of the parameters governing preferences differ significantly from the values assumed in several studies of real business models. Several possible explanations of these discrepancies are discussed.
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Cited by
Chapter 36 Large sample estimation and hypothesis testing
Newey, W. K., & McFadden, D. (1994) · Handbook of Econometrics · doi:10.1016/s1573-4412(05)80005-4 · Cited by 1,743
Return Volatility and Trading Volume: An Information Flow Interpretation of Stochastic Volatility
ANDERSEN, T. G. (1996) · The Journal of Finance · doi:10.1111/j.1540-6261.1996.tb05206.x · Cited by 1,020
Tests of Financial Models in the Presence of Overlapping Observations
Richardson, M., & Smith, T. (1991) · Review of Financial Studies · doi:10.1093/rfs/4.2.227 · Cited by 256
Risk, Returns, and Multinational Production *
Fillat, J. L., & Garetto, S. (2015) · The Quarterly Journal of Economics · doi:10.1093/qje/qjv031 · Cited by 148
Metadata
- Authors
- Eichenbaum, M. S., Hansen, L. P., & Singleton, K. J.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1988-02
- Volume
- 103
- Issue
- 1
- Pages
- 51
- ISSN
- 0033-5533 (ISSN-L)
- OpenAlex
- W2890811186
- Cited by
- 581
- References
- 0
- FWCI
- 41.27
- Type
- journal article
- Language
- en
- Open access
- green
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- CoChat. (2026). Citation check: A Time Series Analysis of Representative Agent Models of Consumption and Leisure Choice under Uncertainty. https://app.cochat.ai/papers/10.2307/1882642
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- Eichenbaum, M. S., Hansen, L. P., & Singleton, K. J. (1988). A Time Series Analysis of Representative Agent Models of Consumption and Leisure Choice under Uncertainty. The Quarterly Journal of Economics. https://doi.org/10.2307/1882642
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
