On Intertemporal Substitution and Aggregate Labor Supply
用计量方法检验跨期替代假说对美国总就业的解释力，发现该假说能较好解释就业波动，但无法解释工时波动，对宏观建模有参考价值。
In this paper, the author presents an econometric investigation of t he implications of the intertemporal substitution hypothesis for aggregate employment in the United States. The tests are based on a version of the hypothesis with time-separable preferences. On the basis of the evidence produced, the hypothesis is quite successful in explaining fluctuations in aggregate employment, although almost totally unsuccessful in accounting for fluctuations in employee hours. These findings suggest that the hypothesis might have an important role to play in macroeconomic modeling, although they contradict attempts to account for aggregate fluctuations solely in terms of continuous competitive equilibrium in labor markets. Copyright 1987 by University of Chicago Press.