| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w1981 |
| 来源ID | Working Paper 1981 |
| A Time Series Analysis of Representative Agent Models of Consumption andLeisure Choice Under Uncertainty | |
| Martin S. Eichenbaum; Lars Peter Hansen; Kenneth J. Singleton | |
| 发表日期 | 1986-07-01 |
| 出版年 | 1986 |
| 语种 | 英语 |
| 摘要 | This paper investigates empirically a model of aggregate consumption and leisure decisions in which goods and leisure provide services over time. The implied time non-separability of preferences introduces an endogenous source of dynamics which affects both the co-movements in aggregate compensation and hours worked and the cross-relations between prices and quantities. These cross-relations are examined empirically using post-war monthly U.S. data on quantities, real wages and the real return on the one-month Treasury bill. We find substantial evidence against the overidentifying restrictions. The test results suggest that the orthogonality conditions associated with the representative consumer's intratemporal Euler equation underlie the failure of the model. Additionally, the estimated values of key parameters differ significantly from the values assumed in several studies of real business models. Several possible reasons for these discrepancies are discussed. |
| URL | https://www.nber.org/papers/w1981 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/559232 |
| 推荐引用方式 GB/T 7714 | Martin S. Eichenbaum,Lars Peter Hansen,Kenneth J. Singleton. A Time Series Analysis of Representative Agent Models of Consumption andLeisure Choice Under Uncertainty. 1986. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w1981.pdf（320KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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