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Intertemporal Substitution in Macroeconomics
Open accessAbstract
Modern neoclassical business cycle theories posit that the observed fluctuations in consumption and employment correspond to decisions of an optimizing representative individual. We estimate three first-order conditions that represent three tradeoffs faced by such an optimizing individual. He can trade off present for future consumption, present for future leisure, and present consumption for present leisure. The aggregate U. S. data lend no support to this model. The overidentifying restrictions are rejected, and the estimated utility function is often convex. Even when it is concave, the estimates imply that either consumption or leisure is an inferior good.
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Cited by
Labor Supply of New York City Cabdrivers: One Day at a Time
Camerer, C., Babcock, L., Loewenstein, G., & Thaler, R. (1997) · The Quarterly Journal of Economics · doi:10.1162/003355397555244 · Cited by 1,218
A Profitable Approach to Labor Supply and Commodity Demands over the Life-Cycle
Browning, M., Deaton, A., & Irish, M. (1985) · Econometrica · doi:10.2307/1911653 · Cited by 710
Intertemporal Substitution in Labor Supply: Evidence from Micro Data
Altonji, J. G. (1986) · Journal of Political Economy · doi:10.1086/261403 · Cited by 608
Havranek, T., & Sokolova, A. (2020) · Review of Economic Dynamics · doi:10.1016/j.red.2019.05.004 · Cited by 141
Metadata
- Authors
- Mankiw, N. G., Rotemberg, J. J., & Summers, L. H.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1985-02
- Volume
- 100
- Issue
- 1
- Pages
- 225
- ISSN
- 0033-5533 (ISSN-L)
- OpenAlex
- W2105742447
- Cited by
- 533
- References
- 0
- FWCI
- 21.84
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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