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Substitution over Time in Consumption and Work

In: Value and Capital: Fifty Years Later

Author

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  • Robert E. Hall

    (Stanford University and National Bureau of Economic Research)

Abstract

Fifty years after the publication of Value and Capital, the view of the role of the interest rate in macroeconomic fluctuations expounded there has never been more influential. According to that view, a higher interest rate brings a deferral of spending and an acceleration of production; a temporarily high real wage causes a burst of work effort. A huge body of research in the past decade has sought to clarify the details of equilibration through the interest rate and to measure the strength of intertemporal substitution effects. My purpose here is to comment selectively on the new developments in intertemporal substitution research as it bears on macroeconomic fluctuations. All the research fits nicely into the intertemporal framework of Value and Capital.

Suggested Citation

  • Robert E. Hall, 1991. "Substitution over Time in Consumption and Work," International Economic Association Series, in: Lionel W. McKenzie & Stefano Zamagni (ed.), Value and Capital: Fifty Years Later, chapter 9, pages 239-267, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-11029-2_16
    DOI: 10.1007/978-1-349-11029-2_16
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    Cited by:

    1. Thijs van Rens, 2004. "Organizational capital and employment fluctuations," Economics Working Papers 944, Department of Economics and Business, Universitat Pompeu Fabra.
    2. Roldos, Jorge E, 1997. "On gradual disinflation, the real exchange rate, and the current account," Journal of International Money and Finance, Elsevier, vol. 16(1), pages 37-54, February.
    3. McLaughlin, Kenneth J., 1995. "Intertemporal substitution and [lambda]-constant comparative statics," Journal of Monetary Economics, Elsevier, vol. 35(1), pages 193-213, February.
    4. Casey B. Mulligan, 1997. "Pecuniary Incentives to Work in the U.S. during World War II," NBER Working Papers 6326, National Bureau of Economic Research, Inc.
    5. Katherine Grace Carman & Jagadeesh Gokhale & Laurence J. Kotlikoff, 2003. "The Impact on Consumption and Saving of Current and Future Fiscal Policies," NBER Working Papers 10085, National Bureau of Economic Research, Inc.

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