Bullard, James Brian (contributor); … - 2003 - [Elektronische Ressource]
that this progress, definedintermsofefficiency units X
t
,affects
only labor productivity. Productivity is assumed to grow … according to
X
t
= γX
t−1
,
with γ ≥ 1 and X
0
=1. We assume labor productivity improvements apply equally
to all households.
4 … supply, and asset holding, with expected utility given by
E
t
∞
X
i=0
β
i
η
i
"
lnC
h
t+i
−a
Z
1
0
£
L
h
t+i
(f)
¤
1+ν
1+ν
df …