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https://hdl.handle.net/2440/41236
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Type: | Journal article |
Title: | A note on conspicuous leisure, animal spirits and endogenous cycles |
Author: | Weder, M. |
Citation: | Portuguese Economic Journal, 2004; 3(1):1-13 |
Publisher: | Springer |
Issue Date: | 2004 |
ISSN: | 1617-982X 1617-9838 |
Abstract: | This paper investigates general equilibrium effects of conspicuous leisure. It finds that leisure externalities reduce the degree of other market imperfections needed to generate indeterminacy or sunspot equilibria - endogneous cycles become empirically more plausible. Sunspot equilibria are possible with a downward-sloping labor demand schedule. The economic reasoning behind the result is that with conspicuous-externalities, labor is drawn more easily in and out of leisure to help fulfill agents expectations. |
Keywords: | Conspicuous leisure Business cycles Indeterminacy Irregular economies Sunspots |
Description: | © Springer |
DOI: | 10.1007/s10258-004-0026-y |
Published version: | http://www.springerlink.com/content/r0j75ct3pejymp2h/?p=4369b655441c4990bfaa20e4b14f30d9&pi=0 |
Appears in Collections: | Aurora harvest Economics publications |
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