Jaimovich–Rebelo preferences (original) (raw)
Jaimovich-Rebelo preferences refer to a utility function that allows to parameterize the strength of short-run wealth effects on the labor supply, originally developed by Nir Jaimovich and Sergio Rebelo in their 2009 article Can News about the Future Drive the Business Cycle? Let denote consumption and let denote hours worked at period . The instantaneous utility has the form where It is assumed that , , and . The agents in the model economy maximize their lifetime utility, , defined over sequences of consumption and hours worked,
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| dbo:abstract | Jaimovich-Rebelo preferences refer to a utility function that allows to parameterize the strength of short-run wealth effects on the labor supply, originally developed by Nir Jaimovich and Sergio Rebelo in their 2009 article Can News about the Future Drive the Business Cycle? Let denote consumption and let denote hours worked at period . The instantaneous utility has the form where It is assumed that , , and . The agents in the model economy maximize their lifetime utility, , defined over sequences of consumption and hours worked, where denotes the expectation conditional on the information available at time zero, and the agents internalize the dynamics of in their maximization problem. (en) |
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| rdfs:comment | Jaimovich-Rebelo preferences refer to a utility function that allows to parameterize the strength of short-run wealth effects on the labor supply, originally developed by Nir Jaimovich and Sergio Rebelo in their 2009 article Can News about the Future Drive the Business Cycle? Let denote consumption and let denote hours worked at period . The instantaneous utility has the form where It is assumed that , , and . The agents in the model economy maximize their lifetime utility, , defined over sequences of consumption and hours worked, (en) |
| rdfs:label | Jaimovich–Rebelo preferences (en) |
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