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{"ops":[{"insert":"The infinitely-lived representative consumer has preferences given by\n\u221e\n\u03b2t (ln ct + \u03b3 ln lt) , t=0\nwhere 0 < \u03b2 < 1, ct is consumption, lt is leisure, and \u03b3 > 0. Each period,\nthe consumer has one unit of time endowment which can be allocated\nbetween work and leisure. The production technology y = k\u03b1n1\u2212\u03b1 , ttt\n0 < \u03b1 < 1, where k is the capital input and n is the labor input. Capital depreciates by 100% each period.\n(a) Determine the paths followed by consumption, leisure, capital and output in a competitive equilibrium.\n(b) How are your results in part (a) affected by \u03b3? Determine how \u03b3 affects the steady state levels of consumption, capital and leisure and output. Explain your results briefly.\n"}]}
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