Zuazo, Moral; Paz, María; Barañano Mentxaka, Ilaski - Departamento de Economía Aplicada III (Econometría y … - 2007
This paper studies whether nonseparabilities between consumption and leisure may help to explain the observed persistence in GNP growth. We consider an extended version of Lucas' (1988) human capital investment model that includes labor adjustment costs and compare its performance under...