Problem
a. What does empirical evidence suggest regarding the extent to which people substitute leisure over time?
b. What does this suggest regarding the role of intertemporal substitution in propagating shocks throughout the economy and regarding the ability of small technology shocks to generate large output shocks?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.