Flexible labour, income e?ects, and asset prices
This paper studies how ?exible labour decisions a?ect asset pricing in a Real Business Cycle model. It uses Jaimovich-Rebelo preferences with internal habits in consumption and distinguishes between two income effect channels (i) the 'habit income e?ect' channel and (ii) the 'separabi...
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| Format: | Working paper |
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University of Oxford
2018
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