Chambers, Matthew; Garriga, Carlos; Schlagenhauf, Don - Federal Reserve Bank of St. Louis - 2007
viewed as either a time opportunity cost, or as a management fee. These
costs are paid every period and are independent of … supply this
endowment to the labor market inelastically until retirement at age j <J: Households di�er in
their productivity … supply rental property. Retired households receives a social security bene�t from
the government equal to : We de�ne the …