A note on conspicuous leisure, animal spirits and endogenous cycles
This paper investigates general equilibrium effects of conspicuous leisure. It finds that leisure externalities reduce the degree of other market im- perfections needed to generate indeterminacy or sunspot equilibria – endogneous cycles become empirically more plausible. Sunspot equilibria are possi...
| Main Author: | |
|---|---|
| Format: | article |
| Language: | eng |
| Published: |
2018
|
| Subjects: | |
| Online Access: | http://hdl.handle.net/10400.5/15486 |
| Country: | Portugal |
| Oai: | oai:www.repository.utl.pt:10400.5/15486 |