Intertemporal Substitution in Macroeconomics
检验了新古典商业周期理论中代表性个体的跨期决策条件，利用美国总量数据估计三个一阶条件，发现数据不支持该模型，过度识别约束被拒绝，且估计的效用函数常为凸函数。
Modern neoclassical business cycle theories posit that the observed fluctuations in consumption and employment correspond to decisions of an optimizing representative individual. We estimate three first-order conditions that represent three tradeoffs faced by such an optimizing individual. He can trade off present for future consumption, present for future leisure, and present consumption for present leisure. The aggregate U. S. data lend no support to this model. The overidentifying restrictions are rejected, and the estimated utility function is often convex. Even when it is concave, the estimates imply that either consumption or leisure is an inferior good.