G2TT
来源类型Discussion paper
规范类型论文
来源IDDP7508
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
URLhttps://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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