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|Title:||A note on conspicuous leisure, animal spirits and endogenous cycles|
|Citation:||Portuguese Economic Journal, 2004; 3(1):1-13|
|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|
|Appears in Collections:||Economics publications|
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