An aggregative model of capital accumulation with leisure-dependent utility

Article Abstract:

A one-sector optimal-growth model with consumption- and leisure-dependent utility is analyzed to determine the kinds of dynamic optimal behavior that it can exhibit. The model can generate multiple steady states if consumption and leisure are substitutes. If they are complements, the model may exhibit nonmonotone or cyclical behavior. These show that the introduction of leisure-dependent utility in a one-sector optimal-growth model may significantly affect its resulting dynamics.

Models, Economic aspects, Economic development, Leisure, Capital formation, Economic stagnation

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Tax rate uncertainty and the sensitivity of consumption to income in an overlapping generations model

Article Abstract:

The smoothness of aggregate consumption relative to aggregate income is a well-documented regularity in US macroeconomic data. The effect of income tax uncertainty on the degree of consumption smoothness is portrayed by developing an overlapping generations model containing a time-nonseparable utility function. Increased tax uncertainty and tax-financed production externality is predicted to make aggregate consumption smoother.

Income tax

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Habit persistence, money, and overlapping generations

Article Abstract:

A study on monetary equilibrium in a two overlapping generations model with continuity of habits is presented.

United States, Usage, Monetary systems, Economic development models

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