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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
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
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Appears in Collections:Economics publications

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