Question: What is meant by intertemporal substitution? How is the slope of the labor supply curve related to the ability of a real business cycle model
What is meant by intertemporal substitution? How is the slope of the labor supply curve related to the ability of a real business cycle model to explain the realworld behavior of the real wage rate and employment over the course of the business cycle?
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Intertemporal substitution refers to substitution that takes places over time such as when a couple ... View full answer
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