Graham, LM;
(2003)
Unemployment and the smoothness of consumption in business cycle models.
Economics Letters
, 79
(2)
pp. 263-267.
10.1016/S0165-1765(02)00332-4.
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Abstract
The permanent income hypothesis means that dynamic general equilibrium models fail to produce a hump-shaped response for consumption even if they do so for other variables. This article shows that the introduction of non-separable preferences and unemployment can solve this problem.
| Type: | Article |
|---|---|
| Title: | Unemployment and the smoothness of consumption in business cycle models |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1016/S0165-1765(02)00332-4 |
| Additional information: | Imported via OAI, 15:41:43 19th Jul 2007 |
| Keywords: | Consumption smoothing, unemployment, business cycles, non-separable |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices UCL > Provost and Vice Provost Offices > UCL SLASH UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS |
| URI: | https://discovery.ucl.ac.uk/id/eprint/3891 |
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