作者：DUTKOWSKY, DH; FOOTE, WG
作者单位：Le Moyne College
摘要：This paper introduces money into the consumption-leisure based intertemporal substitution model. The optimization problem poses that the household chooses consumption, labor supply, money demand, and wealth. Holdings of real money balances along with consumption and leisure determine utility. The constraint decomposes wealth into money and an alternative asset. We estimate the derived semi-reduced form equations using per capita U.S. data. The findings indicate significant interest rate intert...
