TY  - JOUR
AU  - Hall,Robert E.
TI  - Macroeconomic Fluctuations and the Allocation of Time
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 5933
PY  - 1998
Y2  - March 1998
UR  - http://www.nber.org/papers/w5933
L1  - http://www.nber.org/papers/w5933.pdf
N1  - Author contact info:
Robert E. Hall
Hoover Institution
Stanford University
Stanford, CA  94305-6010
Tel: 650/723-2215
E-Mail: rehall@gmail.com
AB  - 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.
ER  -