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Excerpt from Intertemporal Substitution in Macroeconomics
Modern neoclassical theories of the business cycle are founded upon the assumption that fluctuations in consumption and employment are the consequence of dynamic optimizing behavior by economic agents who face no quantity constraints. In this paper, we present and estimate an explicit Operational model of an optimizing household. Our examination of post war aggregate data provides no support for these theories.
As in many recent studies of consumption and asset returns, we posit that observed fluctuations can be modeled as the outcome of optimizing decisions of a representative individual. The individual has a utility function that is additively separable through time and faces an economic environment where future opportunities are uncertain. Our approach avoids the intractable problem of finding a closed form solution for the representative individual's choices. Rather, we use the restrictions on the data implied by the first-order conditions for an optimum. The estimation of these first-order conditions makes it possible to recover the structural parameters of the underlying utility function.
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Intertemporal Substitution in Macroeconomics Classic Reprint
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PAP. Condizione: New. New Book. Shipped from UK. Established seller since 2000. Codice articolo LW-9781332266111
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Intertemporal Substitution in Macroeconomics Classic Reprint
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PAP. Condizione: New. New Book. Shipped from UK. Established seller since 2000. Codice articolo LW-9781332266111
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Intertemporal Substitution in Macroeconomics (Classic Reprint)
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Paperback. Condizione: New. Print on Demand. This book delves into the fascinating world of macroeconomics, specifically focusing on how individuals make decisions about their spending and work habits over time. The author challenges a fundamental assumption of many classical economic models: that people's choices about consumption and leisure are always rational and driven by an unchanging desire to maximize their well-being. By analyzing data from the U.S. economy, the author investigates whether observed patterns in spending and work hours are truly consistent with this idea of continuous optimization. The book utilizes a sophisticated econometric approach to test the validity of this assumption. The author analyzes three key economic relationships: the trade-off between present and future consumption, the trade-off between present and future leisure, and the relationship between consumption and leisure in a single period. The results, however, are far from conclusive. The data persistently reject the theoretical predictions of a simple model based on continuous optimization. The author meticulously explores alternative explanations for this discrepancy, including issues of data measurement, the complexity of individual preferences, and the influence of changing economic conditions. The book's findings ultimately question the prevailing assumption of continuous optimization in macroeconomics, offering a compelling argument for reevaluating our understanding of how people make choices in a dynamic economic environment. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Codice articolo 9781332266111_0
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