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Excerpt from The Interaction Between Time-Nonseparable Preferences and Time Aggregaton Consider a situation in which there is a representative consumer with time-separable preferences over consumption facing a constant interest rate that equals the consumer's pure rate of time preference. In this case the euler equation for the consumer implies that the marginal utility of consumption is a martingale (see, for example Hall Under the further restriction that preferences are quadratic, with a constant bliss point, the model implies that consumption, is a martingale. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

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