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Article

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Publication date

2020-06

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Please use this identifier to cite or link to this item: https://hdl.handle.net/2445/174943

Non-separable utilities and aggregate instability

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https://doi.org/10.1111/ijet.12188

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.

Subject

Regressió infinita, Externalitats (Economia), Política salarial, Oferta i demanda, Elasticitat

Subject (English)

Infinite regress, Externalities (Economics), Wage policy, Supply and demand, Elasticity

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Articles publicats en revistes (Economia)

Citation

CHEN, Been‐Lo, LEE, Shun-Fa and RAURICH, Xavier. Non-separable utilities and aggregate instability. International Journal of Economic Theory. 2020. Vol. 16, num. 2, pags. 222-237. ISSN 1742-7355. [consulted: 8 of August of 2026]. Available at: https://hdl.handle.net/2445/174943

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