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Unemployment and the smoothness of consumption in business cycle models

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. Green open access

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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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