This paper investigates empirically a model of aggregate consumption andleisure decisions in which goods and leisure provide services over time. Theimplied time non-separability of preferences introduces an endogenous source ofdynamics which affects both the co-movements in aggregate...

"This paper proposes a method for estimating the parameters of continuous time, stochastic rational expectations models from discrete time observations. The method is important since various heuristic procedures for deducing the implications for discrete time data of continuous time models, such...