| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7508 |
| DP7508 Predicting recoveries and the importance of using enough information | |
| Wouter Den Haan; Xiaoming Cai | |
| 发表日期 | 2009-10-18 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | This paper proposes a theoretical explanation of the empirical finding that private consumption increases in response to an increase in government spending. The explanation requires two ingredients. First, labor demand expands (e.g. prices are sticky). Second, general non-separable preferences over consumption and leisure should be such that Frisch labor supply elasticity is lower than the constant-consumption elasticity; this implies that constant-consumption labor supply shifts left. Existing empirical evidence on the relative magnitudes of the two elasticities supports this hypothesis. The parametric conditions under which the result occurs are consistent with restrictions of concavity and non-inferiority of consumption and leisure. |
| 主题 | International Macroeconomics |
| 关键词 | Non-separable preferences Fiscal policy Government spending Private consumption Sticky prices Frisch elasticity of labor supply |
| URL | https://cepr.org/publications/dp7508 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536344 |
| 推荐引用方式 GB/T 7714 | Wouter Den Haan,Xiaoming Cai. DP7508 Predicting recoveries and the importance of using enough information. 2009. |
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