A note on conspicuous leisure, animal spirits and endogenous cycles

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dc.contributor.authorWeder, M.
dc.date.issued2004
dc.description© Springer
dc.description.abstractThis 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.
dc.identifier.citationPortuguese Economic Journal, 2004; 3(1):1-13
dc.identifier.doi10.1007/s10258-004-0026-y
dc.identifier.issn1617-982X
dc.identifier.issn1617-9838
dc.identifier.urihttp://hdl.handle.net/2440/41236
dc.language.isoen
dc.publisherSpringer
dc.source.urihttp://www.springerlink.com/content/r0j75ct3pejymp2h/?p=4369b655441c4990bfaa20e4b14f30d9&pi=0
dc.subjectConspicuous leisure
dc.subjectBusiness cycles
dc.subjectIndeterminacy
dc.subjectIrregular economies
dc.subjectSunspots
dc.titleA note on conspicuous leisure, animal spirits and endogenous cycles
dc.typeJournal article
pubs.publication-statusPublished

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