Intertemporal substitution in consumption, labor supply elasticity and sunspot fluctuations in continuous-time models
Intertemporal substitution in consumption, labor supply elasticity and sunspot fluctuations in continuous-time models
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连续时间模型中消费的跨期替代、劳动力供给弹性和太阳黑子波动
DOI：
10.1111/j.1742-7363.2007.00058.x
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发表时间：
2007
期刊：
影响因子：
--
通讯作者：
A. Venditti
中科院分区：
文献类型：
--
作者：
Jean;K. Nishimura;A. Venditti
本文的目的是讨论消费的跨期替代弹性和劳动力供给弹性对两部门经济中稳定状态的局部决定性性质的作用。我们的主要结果提供了局部不确定性的充分必要条件。首先，我们表明，消费品部门在私人层面上需要资本密集型，在社会层面上需要劳动密集型。其次，我们证明了在这种资本密集配置下，当且仅当消费的跨期替代弹性足够大而劳动供给弹性足够低时，太阳黑子波动才存在。特别是，我们将证明，一方面，当劳动力供给是无限弹性的，稳定状态总是鞍点稳定的，另一方面，当消费的跨期替代弹性是无限的，劳动力没有任何影响的局部稳定性性质的均衡路径。
The aim of this paper is to discuss the roles of the elasticity of intertemporal substitution in consumption and the elasticity of the labor supply on the local determinacy properties of the steady state in a two-sector economy with constant elasticity of substitution technologies and sector-specific externalities. Our main results provide necessary and sufficient conditions for local indeterminacy. First, we show that the consumption good sector needs to be capital intensive at the private level and labor intensive at the social level. Second, we prove that under this capital intensity configuration, the existence of sunspot fluctuations is obtained if and only if the elasticity of intertemporal substitution in consumption is large enough but the elasticity of the labor supply is low enough. In particular, we will show on the one hand that when the labor supply is infinitely elastic, the steady state is always saddle-point stable, and on the other hand that when the elasticity of intertemporal substitution in consumption is infinite, labor does not have any influence on the local stability properties of the equilibrium path.