Time-Separable Preferences and Intertemporal-Substitution Models of Business Cycles
分析时间可分偏好对跨期替代效应的影响，指出这种偏好限制休闲和消费对相对价格及永久收入变化的相对反应，对评估预期变化在商业周期均衡模型中的作用至关重要。
Time-separability of utility means that past work and consumption do not influence current and future tastes. This form of preferences does not restrict the size of intertemporal-substitution effects, but does place constraints on the relative responses of leisure and consumption to changes in relative prices and in permanent income. These constraints are important for evaluating the impact of shifts in expectations about the future, which play a key role in equilibrium models of the business cycle. Further, if consumption and effort are to be positively correlated over the cycle, then equilibrium theories with time-separable preferences predict a procyclical behavior for the real wage rate.