state utility function--utility with a single argument, consumption plus monetized leisure. The monetized leisure model is … that leisure and consumption be substitutes (the cross-derivative of consumption and leisure be negative) and (ii) the … an open question. The rich empirical literature on the "retirement consumption paradox" suggests that the rate is below …

Consumption expenditure declines sharply at the time of retirement for many households, but the majority maintain a … smooth consumption path. A simple life cycle model with uncertainty about the time of retirement can account for this pattern … consumption expenditure at retirement generated by the model is zero, while the mean is negative, matching the HRS data. However …

We propose a novel structural method to empirically identify economies of scale in household consumption. We assume … collective households with consumption technologies that define the public and private nature of expenditures through Barten … scales. Our method recovers the technology by solely exploiting preference information revealed by households' consumption …

This paper revisits the standard model of labor supply under two additional assumptions: consumption requires time and … utility at the optimum and above a critical wage level it converts into a pure consumption good. Their labor-supply curve is …

introduction of labor turnover costs (such as hiring and firing costs). Assuming that it is costly to hire and fire workers implies … and firing costs …

amenities. The model assumes that the costs of relocating to a new city are zero. The results hold in the presence of moving … costs for the marginal migrant. This paper extends the Roback model to allow for moving costs which vary among a city …

are more talented than European and American players, there is evidence that they face lower training costs …

We study the design of optimal monetary policy in a New Keynesian model with labor turnover costs in which wages are … zero and the optimal volatility of inflation is an increasing function of firing costs. The optimal rule should react to … employment alongside inflation. -- Optimal monetary policy ; hiring and firing costs ; labor market frictions ; policy trade-off …