Author: Jisoon LeePublisher:
ISBN:
Category : Consumption (Economics)
Languages : en
Pages : 292
Book Description
A Study of Dynamic Consumption and Labor Supply Under Uncertainty
Author: Jisoon LeePublisher:
ISBN:
Category : Consumption (Economics)
Languages : en
Pages : 292
Book Description
Consumption and Labor Supply Under Dynamic Optimization
Author: Tony H. ElaviaPublisher:
ISBN:
Category : Consumption (Economics)
Languages : en
Pages : 138
Book Description
Dynamic Factor Models of Consumption, Hours, and Income
Author: Joseph G. AltonjiPublisher:
ISBN:
Category : Consumption (Economics).
Languages : en
Pages : 59
Book Description
This paper addresses two questions. First, what are the key factors that affect a consumer's lifetime budget constraint and how do they evolve over the lifecycle? Second, how do consumers respond to changes in these factors? We examine the permanent income hypothesis and the Keynesian consumption model using a dynamic factor model of consumption, hours, wages, unemployment, and income. We show that a quarterly dynamic factor model with restrictions on the lag structure nay be used with annual panel data to account for the fact that in many micro panel data sets the variables relevant to a study are measured at different time intervals and/or are aggregates for the calendar year. By using several income indicators we are able to extend the panel data studies of Hall and Mishkin and Bernanke to allow for measurement error. We are also able to study the response of income and consumption to some of the factors which determine them. In addition, we study a dynamic factor representation of a joint lifecycle model of consumption and labor supply. We provide estimates of the effect of wages, unemployment, and other income determinants on the marginal utility of income as well as estimates of the substitution effects of wage change on labor supply and consumption
Models for Dynamic Macroeconomics
Author: Fabio-Cesare BaglianoPublisher: OUP Oxford
ISBN: 0191532932
Category : Business & Economics
Languages : en
Pages : 296
Book Description
Dynamic Approaches to Macroeconomics provides the advanced student with key methodological tools for the dynamic analysis of a core selection of macroeconomic phenomena, including consumption and investment choices, employment and unemployment outcomes, and economic growth. The technical treatment of these tools will enable the student to handle current journal literature, while not assuming any particular familiarity with advanced analytical tools or mathematical notions. As these tools are introduced, they are related to particular applications to illustrate their use. Chapters are linked by various formal and substantive threads. Discrete-time optimization under uncertainty, introduced in Chapter 1, is motivated and discussed by applications to consumption theory, with particular attention to empirical implementation. Chapter 2 focuses on continuous-time optimization techniques, and discusses the relevant insights in the context of partial-equilibrium investment models. Chapter 3 revisits many of the previous chapters' formal derivations with applications to dynamic labour demand, in comparison to optimal investment models, and characterizes labor market equilibrium when not only individual firms' labor demand, but also individual labor supply by workers, is subject to adjustment costs. Chapter 4 proposes broader applications of methods introduced in the previous chapters and studies continuous-time equilibrium dynamics of representative agent economies, featuring both consumption and investment choices, with applications to long-run growth frameworks of analysis. Chapter 5 illustrates the role of decentralized trading in determining aggregate equilibria, and characterizes aggregate labor market dynamics in the presence of frictional unemployment. Chapters 4 and 5 pay particular attention to strategic interactions and externalities: even when each agent correctly solves his or her individual dynamic problem, modern microfounded macroeconomic models recognize that macroeconomic equilibrium need not have unambiguously desirable properties. By bridging the gap between undergraduate economics and modern microfounded macroeconomic research, this book will be of interest to graduate students in economics, and as a technical reference for economic researchers.
The Effects of Uncertainty on Savings, Consumption, and Labor Supply
Author: Richard J. BuddinPublisher:
ISBN:
Category : Consumption (Economics)
Languages : en
Pages : 44
Book Description
Labor Supply Under Uncertainty
Author: Michael B. OrmistonThe Life-cycle Consumption and Labor Supply Under Conditions of Uncertainty
Author: Hak Kil PyoPublisher:
ISBN:
Category : Consumption (Economics)
Languages : en
Pages : 63
Book Description
Effects of Uncertainty on Savings, Consumption, and Labor Supply
Author: Rand CorporationThe life-cycle consumption and labor supply under conditions of uncertainty
Author: Hak K. PyoThe New Dynamic Public Finance
Author: Narayana R. KocherlakotaPublisher: Princeton University Press
ISBN: 1400835275
Category : Business & Economics
Languages : en
Pages : 230
Book Description
Optimal tax design attempts to resolve a well-known trade-off: namely, that high taxes are bad insofar as they discourage people from working, but good to the degree that, by redistributing wealth, they help insure people against productivity shocks. Until recently, however, economic research on this question either ignored people's uncertainty about their future productivities or imposed strong and unrealistic functional form restrictions on taxes. In response to these problems, the new dynamic public finance was developed to study the design of optimal taxes given only minimal restrictions on the set of possible tax instruments, and on the nature of shocks affecting people in the economy. In this book, Narayana Kocherlakota surveys and discusses this exciting new approach to public finance. An important book for advanced PhD courses in public finance and macroeconomics, The New Dynamic Public Finance provides a formal connection between the problem of dynamic optimal taxation and dynamic principal-agent contracting theory. This connection means that the properties of solutions to principal-agent problems can be used to determine the properties of optimal tax systems. The book shows that such optimal tax systems necessarily involve asset income taxes, which may depend in sophisticated ways on current and past labor incomes. It also addresses the implications of this new approach for qualitative properties of optimal monetary policy, optimal government debt policy, and optimal bequest taxes. In addition, the book describes computational methods for approximate calculation of optimal taxes, and discusses possible paths for future research.