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An Austrian Trade Cycle model with an Endogenous Value of Time

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Abstract

The article proposes an explicit modelization of households behavior by describing the possible relationship between the inter-temporal substitution rate and the opportunity cost of time which could afford the missing link between consumers' choices and macro variables in an Austrian trade cycle tradition. The changes of the value of time during expansions and recessions involve direct and indirect changes of households' demand and saving which create shadow prices. The variations of shadow costs are related to the competitivity of markets restoring equilibria by means of associated changes in monetary prices

Suggested Citation

  • François Gardes, 2021. "An Austrian Trade Cycle model with an Endogenous Value of Time," Documents de travail du Centre d'Economie de la Sorbonne 21025, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    • Handle: RePEc:mse:cesdoc:21025
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    File URL: http://mse.univ-paris1.fr/pub/mse/CES2021/21025.pdf
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    File URL: https://halshs.archives-ouvertes.fr/halshs-03325379
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    References listed on IDEAS

    as
    1. François Gardes, 2018. "On the value of time and human life," Post-Print halshs-01903596, HAL.
    2. François Gardes, 2019. "The Estimation of Price Elasticities and the Value of Time in a Domestic Production Framework: an Application using French Micro-Data," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-03281830, HAL.
    3. François Gardes, 2019. "The Estimation of Price Elasticities and the Value of Time in a Domestic Production Framework: an Application using French Micro-Data," Post-Print hal-03281830, HAL.
    4. Anil Alpman & François Gardes, 2021. "La théorie de la production domestique et la résolution du biais d’endogénéité des élasticités-revenu estimées sur données transversales," Revue économique, Presses de Sciences-Po, vol. 72(6), pages 1001-1021.
    5. François Gardes, 2018. "On the value of time and human life," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-01903596, HAL.
    6. Carla Canelas & François Gardes & Philip Merrigan & Silvia Salazar, 2019. "Are time and money equally substitutable for all commodity groups in the household’s domestic production?," Review of Economics of the Household, Springer, vol. 17(1), pages 267-285, March.
    7. Mark Aguiar & Erik Hurst, 2007. "Measuring Trends in Leisure: The Allocation of Time Over Five Decades," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 122(3), pages 969-1006.
    8. Maurice Allais, 2001. "Fondements de la dynamique monétaire," Post-Print hal-00829593, HAL.
    9. Reuben Gronau & Daniel S. Hamermesh, 2006. "Time Vs. Goods: The Value Of Measuring Household Production Technologies," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 52(1), pages 1-16, March.
    10. Julien Boelaert & François Gardes & Simon Langlois, 2017. "Convergence des consommations entre classes socioéconomiques et contraintes non monétaires au Canada," PSE-Ecole d'économie de Paris (Postprint) hal-01508585, HAL.
    11. François Gardes, 2018. "On the value of time and human life," Documents de travail du Centre d'Economie de la Sorbonne 18028, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    12. Anil Alpman, 2016. "Implementing Rubin's alternative multiple-imputation method for statistical matching in Stata," Stata Journal, StataCorp LP, vol. 16(3), pages 717-739, September.
    13. François Gardes & Anil Alpman, 2020. "Il est temps d’analyser la loi d’Okun et le bien-être des ménages en termes de production domestique," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-03281509, HAL.
    14. Boelaert, Julien & Gardes, François & Langlois, Simon, 2017. "Convergences des consommations entre classes socioéconomiques et contraintes non monétaires au Canada," L'Actualité Economique, Société Canadienne de Science Economique, vol. 93(4), pages 497-529, Décembre.
    15. Allais, Maurice, 1974. "The Psychological Rate of Interest," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 6(3), pages 285-331, August.
    16. François Gardes & Anil Alpman, 2020. "Il est temps d’analyser la loi d’Okun et le bien-être des ménages en termes de production domestique," Post-Print hal-03281509, HAL.
    17. François Gardes, 2019. "The Estimation of Price Elasticities and the Value of Time in a Domestic Production Framework: an Application using French Micro-Data," PSE-Ecole d'économie de Paris (Postprint) hal-03281830, HAL.
    18. François Gardes, 2019. "The Estimation of Price Elasticities and the Value of Time in a Domestic Production Framework: an Application using French Micro-Data," Annals of Economics and Statistics, GENES, issue 135, pages 89-120.
    19. Julien Boelaert & François Gardes & Simon Langlois, 2017. "Convergence des consommations entre classes socioéconomiques et contraintes non monétaires au Canada," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-01508585, HAL.
    20. Julien Boelaert & François Gardes & Simon Langlois, 2017. "Convergence des consommations entre classes socioéconomiques et contraintes non monétaires au Canada," Post-Print hal-01508585, HAL.
    21. François Gardes & Anil Alpman, 2020. "Il est temps d’analyser la loi d’Okun et le bien-être des ménages en termes de production domestique," Revue économique, Presses de Sciences-Po, vol. 71(6), pages 963-971.
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    More about this item

    Keywords

    Inter-temporal substitution rate; originary interest; psychological interest rate; psychological time; opportunity cost of time; austrian trade cycle;
    All these keywords.

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply

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