Intertemporal substitution and marginal-utility-of-wealth-constant comparative statics

Article Abstract:

A study was conducted on the use of marginal-utility-of-wealth-constant statics to characterize intertemporal substitutions along intertemporal consumption profiles. Results showed that marginal-utility-of-wealth constant comparative statics can efficiently characterize intertemporal substitution, provided lifetime utility is intertemporally additive. The statics were also found to be effective in characterizing intertemporal substitution in models lacking perfect foresight and time separability.

Labor supply, Labor force, Equilibrium (Economics)

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Consumption, commitment, and cycles

Article Abstract:

A study of the properties of efficient allocations of risk with costly outside enforcement of risk-sharing arrangements is presented. In such allocations, it is found that wage differences have distinct effects on the division of consumption among individuals. Moreover, consumption inequality should be procyclical if the Engel curves for leisure are concave, and countercyclical if there are convex Engel curves for leisure.

Wages, Wages and salaries, Business cycles, Engel's law

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Current consumption and future income growth: synthetic panel evidence

Article Abstract:

The impact of information received by about income growth in future on the household's present consumption is analyzed.

United States, Influence, Income forecasting, Disclosure of information

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