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dc.contributor.authorDutta, Dilip
dc.contributor.authorYang, Yibai
dc.date.accessioned2013-07-22
dc.date.available2013-07-22
dc.date.issued2013-07-01
dc.identifier.urihttp://hdl.handle.net/2123/9265
dc.description.abstractRecently, the focus has been increasingly on the importance of endogenous time preference and its varying degrees of marginal impatience. Two types of marginal impatience can change the representative household's endogenous discount function: increasing (Koopmans-Uzawa type)and decreasing (Becker-Mulligan type), which are induced by current consumption and the investment on future-oriented capital, respectively. By modifying the endogenous discount factor in a small-open-economy RBC model, the equilibrium levels of the turnover in future-oriented capital and current consumption are obtained in a reduced form, which overcomes the non-stationarity problem. The relation between current consumption and the turnover in future-oriented capital is consistent with the empirical evidence from Australia.en_AU
dc.language.isoen_AUen_AU
dc.publisherSchool of Economicsen_AU
dc.relation.ispartofseries2013-13en_AU
dc.subjectFuture-oriented capitalen_AU
dc.subjectMarginal impatienceen_AU
dc.subjectReal business cyclesen_AU
dc.subjectStationarityen_AU
dc.subjectEndogenous time preferenceen_AU
dc.titleEndogenous time preference: evidence from Australian households' behaviouren_AU
dc.typeWorking Paperen_AU
dc.contributor.departmentSchool of Economicsen_AU


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