Non-separable utilities and aggregate instability

This paper studies an infinite‐horizon two‐sector growth model with sector‐specific externalities and preferences that are non‐separable between consumption and leisure. We find two main results. First, a larger income effect on the labor supply increases the possibility of macroeconomic instability...

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Detalles Bibliográficos
Autores: Chen, Been‐Lo, Lee, Shun-Fa, Raurich, Xavier
Tipo de recurso: artículo
Estado:Versión aceptada para publicación
Fecha de publicación:2020
País:España
Institución:Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)
Repositorio:Recercat. Dipósit de la Recerca de Catalunya
OAI Identifier:oai:recercat.cat:2445/174943
Acceso en línea:https://hdl.handle.net/2445/174943
Access Level:acceso abierto
Palabra clave:Regressió infinita
Externalitats (Economia)
Política salarial
Oferta i demanda
Elasticitat
Infinite regress
Externalities (Economics)
Wage policy
Supply and demand
Elasticity
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oai_identifier_str oai:recercat.cat:2445/174943
network_acronym_str ES
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repository_id_str
spelling Non-separable utilities and aggregate instabilityChen, Been‐LoLee, Shun-FaRaurich, XavierRegressió infinitaExternalitats (Economia)Política salarialOferta i demandaElasticitatInfinite regressExternalities (Economics)Wage policySupply and demandElasticityThis paper studies an infinite‐horizon two‐sector growth model with sector‐specific externalities and preferences that are non‐separable between consumption and leisure. We find two main results. First, a larger income effect on the labor supply increases the possibility of macroeconomic instability. Second, a larger elasticity of the labor supply may increase or decrease the possibility of aggregate instability, depending on the intensity of the income effect.Wiley2021202220202021info:eu-repo/semantics/articleinfo:eu-repo/semantics/acceptedVersion16 p.application/pdfhttps://hdl.handle.net/2445/174943Articles publicats en revistes (Economia)reponame:Recercat. Dipósit de la Recerca de Catalunyainstname:Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)InglésVersió postprint del document publicat a: https://doi.org/10.1111/ijet.12188International Journal of Economic Theory, 2020, vol. 16, num. 2, p. 222-237https://doi.org/10.1111/ijet.12188(c) The International Association for Economic Theory, 2020info:eu-repo/semantics/openAccessoai:recercat.cat:2445/1749432026-05-29T05:05:01Z
dc.title.none.fl_str_mv Non-separable utilities and aggregate instability
title Non-separable utilities and aggregate instability
spellingShingle Non-separable utilities and aggregate instability
Chen, Been‐Lo
Regressió infinita
Externalitats (Economia)
Política salarial
Oferta i demanda
Elasticitat
Infinite regress
Externalities (Economics)
Wage policy
Supply and demand
Elasticity
title_short Non-separable utilities and aggregate instability
title_full Non-separable utilities and aggregate instability
title_fullStr Non-separable utilities and aggregate instability
title_full_unstemmed Non-separable utilities and aggregate instability
title_sort Non-separable utilities and aggregate instability
dc.creator.none.fl_str_mv Chen, Been‐Lo
Lee, Shun-Fa
Raurich, Xavier
author Chen, Been‐Lo
author_facet Chen, Been‐Lo
Lee, Shun-Fa
Raurich, Xavier
author_role author
author2 Lee, Shun-Fa
Raurich, Xavier
author2_role author
author
dc.subject.none.fl_str_mv Regressió infinita
Externalitats (Economia)
Política salarial
Oferta i demanda
Elasticitat
Infinite regress
Externalities (Economics)
Wage policy
Supply and demand
Elasticity
topic Regressió infinita
Externalitats (Economia)
Política salarial
Oferta i demanda
Elasticitat
Infinite regress
Externalities (Economics)
Wage policy
Supply and demand
Elasticity
description This paper studies an infinite‐horizon two‐sector growth model with sector‐specific externalities and preferences that are non‐separable between consumption and leisure. We find two main results. First, a larger income effect on the labor supply increases the possibility of macroeconomic instability. Second, a larger elasticity of the labor supply may increase or decrease the possibility of aggregate instability, depending on the intensity of the income effect.
publishDate 2020
dc.date.none.fl_str_mv 2020
2021
2021
2022
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/acceptedVersion
format article
status_str acceptedVersion
dc.identifier.none.fl_str_mv https://hdl.handle.net/2445/174943
url https://hdl.handle.net/2445/174943
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv Versió postprint del document publicat a: https://doi.org/10.1111/ijet.12188
International Journal of Economic Theory, 2020, vol. 16, num. 2, p. 222-237
https://doi.org/10.1111/ijet.12188
dc.rights.none.fl_str_mv (c) The International Association for Economic Theory, 2020
info:eu-repo/semantics/openAccess
rights_invalid_str_mv (c) The International Association for Economic Theory, 2020
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv 16 p.
application/pdf
dc.publisher.none.fl_str_mv Wiley
publisher.none.fl_str_mv Wiley
dc.source.none.fl_str_mv Articles publicats en revistes (Economia)
reponame:Recercat. Dipósit de la Recerca de Catalunya
instname:Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)
instname_str Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)
reponame_str Recercat. Dipósit de la Recerca de Catalunya
collection Recercat. Dipósit de la Recerca de Catalunya
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15,81155

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