Araştırma Makalesi
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Frisch Esnekliğinin Hanehalkı Kullanım Davranışları Üzerindeki Rolü Endojen İndirgeme Faktörü Modeli

Yıl 2022, , 251 - 267, 26.12.2022
https://doi.org/10.18074/ckuiibfd.1084401

Öz

Hane halkı ve toplumun ekonomi ile ilgili kararlarında, faiz oranı, tüketim gibi en önemli kaynaklardan olan iskonto faktörü ve işgücü arzının Frisch esnekliği değişkenlerinin sermaye oluşumu ve tüketimi üzerindeki rolü ve önemi büyük ölçüde etkilenmektedir. sepet ve ev eğlencesi.
Sırasıyla tüketim ve hanehalkının iş ve boş zaman karışımı seçimi konusunda toplumun sabrını gösteren içsel iskonto faktörünün ve emek arzının Frisch esnekliğinin varlığı, hanehalkının kararlarında önemli değişikliklere işaret etmektedir. tüketim ve boş zaman portföyünü etkiler. 1998'den 2020'ye kadar İran ekonomisinden alınan verileri kullanarak bir DSGE modeli geliştirmek için, bu makale iki değişkenin, içsel iskonto faktörü ve Frisch'in esnekliğinin, makroekonomik değişkenler ve hanehalkı performansı üzerindeki etkilerini araştırıyor. Bulgular, içsel iskonto bileşenine sahip ve daha düşük Frisch esnekliği değerine sahip bir modelde, teknolojik şokun tüketim, çıktı ve hanehalkı geliri değişkenleri üzerindeki etkisinin pozitif ve daha anlamlı olduğunu, ancak borç değişkeni üzerinde negatif olduğunu göstermektedir. Dolayısıyla, genel olarak, hanehalkının iskonto faktörünün türüne ve işgücü arzının Frisch esnekliğinin boyutuna duyarlı olduğu ve bu iki faktörün hanehalkının hangi satın alma ve faaliyetleri dahil edeceğine karar vermesine yardımcı olduğu söylenebilir. Beklenen faydasını değiştirmek için boş zaman etkinlikleri sepetinin, hanedeki içsel iskonto faktörü ile birlikte Frisch'in esneklik katsayısındaki bir artış beklenen faydayı değiştirecektir. Ek olarak, bu yol hanehalkı kararları için en iyi yol haline geldi ve kaynakların en iyi dağılımında haneler boş zamana ve kişisel öneme daha yüksek bir değer veriyor.

Kaynakça

  • Accolley, D. (2016). Accounting For Business Cycles in Canada: I. The Role of Supply-Side Factors. MPRA Paper 69856, University Library of Munich, Germany.
  • Algoskoufis, G.S. (1987). On Intertemporal Substitution and Aggregate Labor Supply. Journal of Political Economy, 95 (5), 938–960.
  • Altonji, J.G. (1982). The Intertemporal Substitution Model of Labor Market Fluctuations: An Empirical Analysis. The Review of Economic Studies. 49(5), 783–824.
  • Altonji, J. G. (1986). Intertemporal Substitution in Labor Supply: Evidence from Micro Data. The Journal of Political Economy, 94 (3-2), 176-215.
  • Becker, G. S., & Mulligan, C. B. (1997). The Endogenous Determination of Time Preference. Quarterly Journal of Economics, 112, 729–758.
  • Bergman, Y.A. (1985). Time Preference and Capital Asset Pricing Models. Journal of Financial Economics, 14, 145-159.
  • Browning, M., Deaton, A. & Irish, M. (1985). A Profitable Approach to Labor Supply and Commodity Demands Over the Life-Cycle. Econometrica, 53 (3), 503–544.
  • Fisher, I. (1930). The theory of interest, New York: Macmillan.
  • Friedman, M., (1957). A Theory of Consumption Function. Aldine.
  • Gootzeit, M., Schneider, J., & Smith. (2002). Marshallian Recursive Preferences and Growth. Journal Of Economic Behavior and Organization, 49, 381–404.
  • Heckman, J.J. & MaCurdy, T. (1982). Corrigendum on a life-cycle model of female labor supply. Review of Economic Studies,. 49 (4), 659–660.
  • Hanna, S. D., & Kim, K. (2014). Time Preference Assumptions in Normative Analyses of Household Financial Decisions. Applied Economics Letters, 21(9), 609-612.
  • Hirose, K. (2003). The Tobin Effect in A Two-Country world With Endogenous Time Preference. Osaka Economic Papers, 53, 88–113.
  • Hu, J., Mao, Y., & Zhang, J. (2015). The Impact of Non-Labor Income Given Job Heterogeneity on Household Time Allocation: The Evidence from China. Frontiers Of Economics in China, 10(1), 113-136.
  • Izadi, H. R. (2022). Investigation Of the Role of Change in Utility Function Components and Its Effect on Smooth the Dynamic Movement Path of Model Variables. Studies In Business and Economics, 17(1), 73-84.
  • Izadi, H.R. (2021). Investigating the role of financial sanctions in utility function and their impact on household behavior. DLSU Business & Economics Review, 31(1), 132-141.
  • Izadi, H. R. (2018). The Role of Tendency of Government Preference in An Optimal Fiscal Policy Model in The Presence of Agent Heterogeneity in A DSGE Framework. Quarterly Journal of Economical Modelling, 4(44), 73-96.
  • Izadi, H. R. & Marzban, H. (2016). Designing, investigation and comparison of the factors of stationarity of dynamic stochastic general equilibrium models in Iran economy. Quarterly Journal of Economic Research and Policies, 24(2), 195-216.
  • Izadi, H. R. & Marzban, H. (2019). The Role of Productivity Growth Changes in Determining Optimal Monetary and Fiscal Policies from The Ramsey Problem. Quarterly Journal of Quantitative Economics, 2(16), 31-71.
  • Izadi, H. R. & Sayareh, S. (2019). Investigating The Role of Labor Division into Internal and External Sectors in The Iranian Economy Within the Dynamic Stochastic General Equilibrium Model Framework. Quarterly Journal of Econometric Modelling, 4(3), 73-96.
  • Lucas., R.E. & Rapping, L.A. (1969). Real Wages, Employment, And Inflation. Journal of Political Economy, 77 (5), 721–754. MaCurdy, T.E. (1981). An empirical model of labor supply in a life-cycle setting. Journal of Political Economy, 89 (6), 1059–1085. Macurdy, t. E. (1983). A simple scheme for estimating an intertemporal model of labor supply and consumption in the presence of taxes and uncertainty. International Economic Review, 24(2), 265-289.
  • Mankiw, N.G., Rotemberg, J.J. & Summers, L.H. (1985). Intertemporal substitution in macroeconomics. The Quarterly Journal of Economics,100(1), 225–251.
  • Mccallum, B. T. (1989). Real Business Cycle Models. In Robert J. Barro (Ed.), Modern Business Cycle Theory, Cambridge, Ma: Harvard University Press.
  • Mohsin, M. (2004). Exchange Rate Policies and Endogenous Time Preference: A Dynamic Analysis of a Small Open Economy. Economic Letters, 82, 195–203.
  • Moore, M. A., Boardman, A. E., & Vining, A. R. (2013). More Appropriate Discounting: The Rate of Social Time Preference and The Value of The Social Discount Rate. Journal Of Benefit-Cost Analysis, 4(01), 1-16. Nairay, A. (1984). Asymptotic Behavior and Optimal Properties of a Consumption-Investment Model with Variable Time Preference. Journal Of Economic Dynamics and Control, 7, 83-313.
  • Obstfeld, M. (1982). Aggregate Spending and The Terms of Trade: Is There a Laursen-Metzler Effect? Quarterly Journal of Economics, 97, 251-270.
  • Obstfeld, M. (1990). Intertemporal Dependence, Impatience, And Dynamics. Journal Of Monetary Economics, 26, 45–75.
  • Ogaki, M., & Atkeson, A. (1997). Rate Of Time Preference, Intertemporal Elasticity of Substitution, And Level of Wealth. Review Of Economics and Statistics, 79(4), 564-572.
  • Orsi, R., & Turino, F. (2014). The Last Fifteen Years of Stagnation in Italy: A Business Cycle Accounting Perspective. Empirical Economics, 47(2), 469-494.
  • Reichling, F., & Whalen, C. (2012). Review Of Estimates of The Frisch Elasticity of Labor Supply. Working Paper 2012-13 (No. 43676). Congressional Budget Office. Uzawa, H. (1968). Time Preference, The Consumption Function, And Optimum Asset Holdings. In J. N. Wolfe (Ed.), Value, Capital and Growth: Essays in Honor of Sir John Hicks. Chicago: Aldine. The University of Edinburgh Press, Edinburgh, 485–504. Whalen, C. & Reichling, F. (2017). Estimates of the Frisch Elasticity of Labor Supply: A Review. Eastern Economic Journal , 43, 37–42.

THE ROLE OF THE FRISCH ELASTICITY ON HOUSEHOLDS' BEHAVIOR USING THE ENDOGENOUS DISCOUNT FACTOR MODEL

Yıl 2022, , 251 - 267, 26.12.2022
https://doi.org/10.18074/ckuiibfd.1084401

Öz

Decisions made by households and society with regard to the economy are heavily influenced by the role and significance of the variables of discount factor and Frisch elasticity of labor supply, on capital formation and consumption, which are among the most significant sources of interest rate, consumption basket, and household leisure. The existence of the endogenous discount factor and the Frisch elasticity of labor supply, which demonstrate the patience of society with regard to consumption and the choice of the household's work-and-leisure mix, respectively, point to significant changes in the household's decisions that may influence the portfolio of consumption and leisure. In order to develop a DSGE model utilizing data from the Iranian economy for the years 1998 to 2020, this article explores the effects of two variables, the endogenous discount factor and Frisch's elasticity, on macroeconomic variables and household performance. The findings show that in a model with an endogenous discount component and a lower value of Frisch's elasticity, the effect of the technological shock on consumption, output, and household income variables is positive and more significant, but it is negative on the debt variable. Thus, it can be said that in general, given that the household is sensitive to the type of discount factor and the extent of the labor supply's Frisch elasticity and that these two factors are crucial in helping the household decide which purchases and activities to include in its basket of leisure activities in order to change its expected utility, an increase in Frisch's elasticity coefficient along with the endogenous discount factor in the household will change its expected utility. Additionally, this road has evolved into the best one for household decisions, and in the best distribution of resources, households place a higher value on leisure and self-importance.

Kaynakça

  • Accolley, D. (2016). Accounting For Business Cycles in Canada: I. The Role of Supply-Side Factors. MPRA Paper 69856, University Library of Munich, Germany.
  • Algoskoufis, G.S. (1987). On Intertemporal Substitution and Aggregate Labor Supply. Journal of Political Economy, 95 (5), 938–960.
  • Altonji, J.G. (1982). The Intertemporal Substitution Model of Labor Market Fluctuations: An Empirical Analysis. The Review of Economic Studies. 49(5), 783–824.
  • Altonji, J. G. (1986). Intertemporal Substitution in Labor Supply: Evidence from Micro Data. The Journal of Political Economy, 94 (3-2), 176-215.
  • Becker, G. S., & Mulligan, C. B. (1997). The Endogenous Determination of Time Preference. Quarterly Journal of Economics, 112, 729–758.
  • Bergman, Y.A. (1985). Time Preference and Capital Asset Pricing Models. Journal of Financial Economics, 14, 145-159.
  • Browning, M., Deaton, A. & Irish, M. (1985). A Profitable Approach to Labor Supply and Commodity Demands Over the Life-Cycle. Econometrica, 53 (3), 503–544.
  • Fisher, I. (1930). The theory of interest, New York: Macmillan.
  • Friedman, M., (1957). A Theory of Consumption Function. Aldine.
  • Gootzeit, M., Schneider, J., & Smith. (2002). Marshallian Recursive Preferences and Growth. Journal Of Economic Behavior and Organization, 49, 381–404.
  • Heckman, J.J. & MaCurdy, T. (1982). Corrigendum on a life-cycle model of female labor supply. Review of Economic Studies,. 49 (4), 659–660.
  • Hanna, S. D., & Kim, K. (2014). Time Preference Assumptions in Normative Analyses of Household Financial Decisions. Applied Economics Letters, 21(9), 609-612.
  • Hirose, K. (2003). The Tobin Effect in A Two-Country world With Endogenous Time Preference. Osaka Economic Papers, 53, 88–113.
  • Hu, J., Mao, Y., & Zhang, J. (2015). The Impact of Non-Labor Income Given Job Heterogeneity on Household Time Allocation: The Evidence from China. Frontiers Of Economics in China, 10(1), 113-136.
  • Izadi, H. R. (2022). Investigation Of the Role of Change in Utility Function Components and Its Effect on Smooth the Dynamic Movement Path of Model Variables. Studies In Business and Economics, 17(1), 73-84.
  • Izadi, H.R. (2021). Investigating the role of financial sanctions in utility function and their impact on household behavior. DLSU Business & Economics Review, 31(1), 132-141.
  • Izadi, H. R. (2018). The Role of Tendency of Government Preference in An Optimal Fiscal Policy Model in The Presence of Agent Heterogeneity in A DSGE Framework. Quarterly Journal of Economical Modelling, 4(44), 73-96.
  • Izadi, H. R. & Marzban, H. (2016). Designing, investigation and comparison of the factors of stationarity of dynamic stochastic general equilibrium models in Iran economy. Quarterly Journal of Economic Research and Policies, 24(2), 195-216.
  • Izadi, H. R. & Marzban, H. (2019). The Role of Productivity Growth Changes in Determining Optimal Monetary and Fiscal Policies from The Ramsey Problem. Quarterly Journal of Quantitative Economics, 2(16), 31-71.
  • Izadi, H. R. & Sayareh, S. (2019). Investigating The Role of Labor Division into Internal and External Sectors in The Iranian Economy Within the Dynamic Stochastic General Equilibrium Model Framework. Quarterly Journal of Econometric Modelling, 4(3), 73-96.
  • Lucas., R.E. & Rapping, L.A. (1969). Real Wages, Employment, And Inflation. Journal of Political Economy, 77 (5), 721–754. MaCurdy, T.E. (1981). An empirical model of labor supply in a life-cycle setting. Journal of Political Economy, 89 (6), 1059–1085. Macurdy, t. E. (1983). A simple scheme for estimating an intertemporal model of labor supply and consumption in the presence of taxes and uncertainty. International Economic Review, 24(2), 265-289.
  • Mankiw, N.G., Rotemberg, J.J. & Summers, L.H. (1985). Intertemporal substitution in macroeconomics. The Quarterly Journal of Economics,100(1), 225–251.
  • Mccallum, B. T. (1989). Real Business Cycle Models. In Robert J. Barro (Ed.), Modern Business Cycle Theory, Cambridge, Ma: Harvard University Press.
  • Mohsin, M. (2004). Exchange Rate Policies and Endogenous Time Preference: A Dynamic Analysis of a Small Open Economy. Economic Letters, 82, 195–203.
  • Moore, M. A., Boardman, A. E., & Vining, A. R. (2013). More Appropriate Discounting: The Rate of Social Time Preference and The Value of The Social Discount Rate. Journal Of Benefit-Cost Analysis, 4(01), 1-16. Nairay, A. (1984). Asymptotic Behavior and Optimal Properties of a Consumption-Investment Model with Variable Time Preference. Journal Of Economic Dynamics and Control, 7, 83-313.
  • Obstfeld, M. (1982). Aggregate Spending and The Terms of Trade: Is There a Laursen-Metzler Effect? Quarterly Journal of Economics, 97, 251-270.
  • Obstfeld, M. (1990). Intertemporal Dependence, Impatience, And Dynamics. Journal Of Monetary Economics, 26, 45–75.
  • Ogaki, M., & Atkeson, A. (1997). Rate Of Time Preference, Intertemporal Elasticity of Substitution, And Level of Wealth. Review Of Economics and Statistics, 79(4), 564-572.
  • Orsi, R., & Turino, F. (2014). The Last Fifteen Years of Stagnation in Italy: A Business Cycle Accounting Perspective. Empirical Economics, 47(2), 469-494.
  • Reichling, F., & Whalen, C. (2012). Review Of Estimates of The Frisch Elasticity of Labor Supply. Working Paper 2012-13 (No. 43676). Congressional Budget Office. Uzawa, H. (1968). Time Preference, The Consumption Function, And Optimum Asset Holdings. In J. N. Wolfe (Ed.), Value, Capital and Growth: Essays in Honor of Sir John Hicks. Chicago: Aldine. The University of Edinburgh Press, Edinburgh, 485–504. Whalen, C. & Reichling, F. (2017). Estimates of the Frisch Elasticity of Labor Supply: A Review. Eastern Economic Journal , 43, 37–42.
Toplam 30 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Ekonomi
Bölüm Araştırma Makalesi
Yazarlar

Hamidreza İzadi 0000-0003-2297-6429

Yayımlanma Tarihi 26 Aralık 2022
Yayımlandığı Sayı Yıl 2022

Kaynak Göster

APA İzadi, H. (2022). THE ROLE OF THE FRISCH ELASTICITY ON HOUSEHOLDS’ BEHAVIOR USING THE ENDOGENOUS DISCOUNT FACTOR MODEL. Çankırı Karatekin Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 12(3), 251-267. https://doi.org/10.18074/ckuiibfd.1084401
AMA İzadi H. THE ROLE OF THE FRISCH ELASTICITY ON HOUSEHOLDS’ BEHAVIOR USING THE ENDOGENOUS DISCOUNT FACTOR MODEL. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. Aralık 2022;12(3):251-267. doi:10.18074/ckuiibfd.1084401
Chicago İzadi, Hamidreza. “THE ROLE OF THE FRISCH ELASTICITY ON HOUSEHOLDS’ BEHAVIOR USING THE ENDOGENOUS DISCOUNT FACTOR MODEL”. Çankırı Karatekin Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi 12, sy. 3 (Aralık 2022): 251-67. https://doi.org/10.18074/ckuiibfd.1084401.
EndNote İzadi H (01 Aralık 2022) THE ROLE OF THE FRISCH ELASTICITY ON HOUSEHOLDS’ BEHAVIOR USING THE ENDOGENOUS DISCOUNT FACTOR MODEL. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 12 3 251–267.
IEEE H. İzadi, “THE ROLE OF THE FRISCH ELASTICITY ON HOUSEHOLDS’ BEHAVIOR USING THE ENDOGENOUS DISCOUNT FACTOR MODEL”, Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, c. 12, sy. 3, ss. 251–267, 2022, doi: 10.18074/ckuiibfd.1084401.
ISNAD İzadi, Hamidreza. “THE ROLE OF THE FRISCH ELASTICITY ON HOUSEHOLDS’ BEHAVIOR USING THE ENDOGENOUS DISCOUNT FACTOR MODEL”. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 12/3 (Aralık 2022), 251-267. https://doi.org/10.18074/ckuiibfd.1084401.
JAMA İzadi H. THE ROLE OF THE FRISCH ELASTICITY ON HOUSEHOLDS’ BEHAVIOR USING THE ENDOGENOUS DISCOUNT FACTOR MODEL. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2022;12:251–267.
MLA İzadi, Hamidreza. “THE ROLE OF THE FRISCH ELASTICITY ON HOUSEHOLDS’ BEHAVIOR USING THE ENDOGENOUS DISCOUNT FACTOR MODEL”. Çankırı Karatekin Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, c. 12, sy. 3, 2022, ss. 251-67, doi:10.18074/ckuiibfd.1084401.
Vancouver İzadi H. THE ROLE OF THE FRISCH ELASTICITY ON HOUSEHOLDS’ BEHAVIOR USING THE ENDOGENOUS DISCOUNT FACTOR MODEL. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2022;12(3):251-67.