An Austrian Trade Cycle model with an Endogenous Value of Time

François Gardes ()
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François Gardes: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, UP1 - Université Paris 1 Panthéon-Sorbonne, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, EGEI - Éthique et Gouvernance de l’Entreprise et des Institutions - UCO - Université Catholique de l'Ouest

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Abstract: The article proposes an explicit modelization of households behavior by describing the possible relationship between the inter-temporal substitution rate and the opportunity cost of time which could afford the missing link between consumers' choices and macro variables in an Austrian trade cycle tradition. The changes of the value of time during expansions and recessions involve direct and indirect changes of households' demand and saving which create shadow prices. The variations of shadow costs are related to the competitivity of markets restoring equilibria by means of associated changes in monetary prices.

Keywords: Inter-temporal substitution rate; originary interest; psychological interest rate; psychological time; opportunity cost of time; austrian trade cycle (search for similar items in EconPapers)
Date: 2021-06
New Economics Papers: this item is included in nep-isf and nep-mac
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-03325379v1
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Published in 2021

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-03325379

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