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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/112847


    Title: Non-separable Utilities and Aggregate Instability
    Authors: Been-Lon Chen;Shun-Fa Lee;Xavier Raurich
    Keywords: Indeterminacy;non-separable preferences;income effect;labor supply elasticity
    Date: 2018-01
    Issue Date: 2018-03-02 12:14:43 (UTC+8)
    Abstract: 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.
    Relation: International Journal of Economic Theory
    Appears in Collections:[Graduate Institute & Department of Industrial Economics] Journal Article

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