![FIGURE 33.2](cowentabarrokecon3e_ch33_fig_2.jpg)
Intertemporal Substitution: Percentage Deviation from Trend in GDP and the Employment-Population Ratio, 1950-2010 When growth rates increase above trend, a greater fraction of the population enters into the workforce suggesting intertemporal substitution at work.
Source: Bureau of Labor Statistics and Bureau of Economic Analysis.