Macroeconomic Fluctuations and the Allocation of Time
探讨宏观经济波动的根本驱动力，特别是人们为何在繁荣期工作更多、衰退期工作更少，通过区分驱动力的跨期和同期效应，发现偏好变化是就业波动的主要原因。
What are the fundamental driving forces of macroeconomic fluctuations? In particular, why do people spend more time working in booms and less in recessions? These are basic questions of macroeconomics. Recent thinking has emphasized technology shifts, preference shifts, and changes in government purchases as likely driving forces. It is useful to distinguish atemporal and intertemporal effects of the driving forces. Under standard assumptions, the technology shift has no effect through atemporal channels because income and substitution effects exactly offset. A straightforward decomposition of movements of employment attributes most of them to the atemporal effects of preference shifts. Copyright 1997 by University of Chicago Press.