Get A Theory of the Producer-Consumer Household: The New PDF

By Yoshihiro Maruyama

ISBN-10: 0230346685

ISBN-13: 9780230346680

ISBN-10: 1349336890

ISBN-13: 9781349336890

ISBN-10: 1731751761

ISBN-13: 9781731751768

ISBN-10: 2192212232

ISBN-13: 9782192212232

The fast restoration of Asian economies from contemporary recessions compared to the suffering American and ecu economies will be attributed partially to the optimistic aggregate-demand externalities in their self-employment sectors. This ebook offers a behavioural research of this effect, with a close concentration on producer families.

Show description

Read or Download A Theory of the Producer-Consumer Household: The New Keynesian Perspective on Self-Employment PDF

Best theory books

Download e-book for kindle: A Theory of the Producer-Consumer Household: The New by Yoshihiro Maruyama

The short restoration of Asian economies from fresh recessions compared to the suffering American and ecu economies could be attributed partly to the optimistic aggregate-demand externalities in their self-employment sectors. This ebook offers a behavioural research of this effect, with a close concentration on producer families.

Additional info for A Theory of the Producer-Consumer Household: The New Keynesian Perspective on Self-Employment

Sample text

This relation is divided into two parts. 1) ⎡ ⎤ U11 U12 −w∗ ⎢ ⎥ [D∗ ] = ⎣ U21 U22 −1 ⎦. 2) The Hessian and the bordered Hessian determinants B∗ and D∗ corresponding respectively to [B∗ ] and [D∗ ] prove to be positive due to the 38 A Theory of the Producer-Consumer Household properties of the production and welfare functions. B∗ = cF11 cF22 − cF12 cF21 > 0, D∗ = (α + β){w∗ (U12 − w∗ U22 ) − (U11 − w∗ U21 )} > 0. 3) (1-a) Responses to the change in full income. In the circumstances in which changes in the internal wage rate and rate of rental are exogenous, the responses of other endogenous variables are related to the change in full income as follows.

Here, x1 , . . , x5 are row vectors which comprise the matrix on the right-hand side of equation (25), with ds denoting a column vector of differentials of the components of s ≡ [w r p c K t α β]T . This relation is divided into two parts since it is decomposable. pcF11 pcF21 x1 pcF12 dL = ds, pcF22 dK x2 ⎡ ⎤ ⎤⎡ ⎤ ⎡ x3 U11 U12 −w de ⎢ ⎥ ⎥⎢ ⎥ ⎢ U21 U22 −1 ⎦⎣dq ⎦ = ⎣x4 ⎦ds. 2) These expressions will be expanded with respect to a few parameters of interest, which closely follows the convention of the usual comparative statics analysis (for example, Henderson and Quandt, 1980).

The two types of responses are cooperative in leisure consumption and in the marginal family welfare, but they are counteractive in the consumption of output. The sign of the net response depends on their relative extent. ∂q ∂p 0 if εe (R) (α + β)e , pQ s εe (R) ≡ ∂R e , ∂e R R≡ U1 . 7) Finally, the response of output supply combines that of the family firm and that of its owner household. The sign of its response is shown to be positive at its zero level. At its positive level its response depends critically on the value of the elasticity of output ηp (Q) with respect to its price.

Download PDF sample

A Theory of the Producer-Consumer Household: The New Keynesian Perspective on Self-Employment by Yoshihiro Maruyama


by George
4.2

Rated 4.42 of 5 – based on 46 votes