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We consider a class of functions satisfying the gross-substitution property (GS-functions). We show that GS …
Persistent link: https://www.econbiz.de/10005858474
Strong procyclical fluctuations in the durable production are the most prominent featureof the empirical response to monetary shocks. This paper investigates the role of preferencesin matching this feature of the data in a two-sector sticky price model with flexibly priceddurables. The reaction...
Persistent link: https://www.econbiz.de/10009302522
, however, more support for the notion of substitution rather than complementarity: the marginal benefits associated with an …
Persistent link: https://www.econbiz.de/10013394340
handling endogenous attrition and substitution behavior that can emerge when multiple visits to the same unit are planned. We … show that attrition/substitution in HLFS is a statistically and substantially important concern. …
Persistent link: https://www.econbiz.de/10010500221