Please use this identifier to cite or link to this item: http://hdl.handle.net/2440/41236
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Type: Journal article
Title: A note on conspicuous leisure, animal spirits and endogenous cycles
Author: Weder, M.
Citation: Portuguese Economic Journal, 2004; 3(1):1-13
Publisher: Springer
Issue Date: 2004
ISSN: 1617-982X
1617-9838
Abstract: This paper investigates general equilibrium effects of conspicuous leisure. It finds that leisure externalities reduce the degree of other market imperfections needed to generate indeterminacy or sunspot equilibria - endogneous cycles become empirically more plausible. Sunspot equilibria are possible with a downward-sloping labor demand schedule. The economic reasoning behind the result is that with conspicuous-externalities, labor is drawn more easily in and out of leisure to help fulfill agents expectations.
Keywords: Conspicuous leisure; Business cycles; Indeterminacy; Irregular economies; Sunspots
Description: © Springer
RMID: 0020075284
DOI: 10.1007/s10258-004-0026-y
Published version: http://www.springerlink.com/content/r0j75ct3pejymp2h/?p=4369b655441c4990bfaa20e4b14f30d9&pi=0
Appears in Collections:Economics publications

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