This is done in order to make the solution more general. If you use specific utility function you prove your result only for that specific utility function and not for other ones.
You can still derive Euler equation. For example in a simple 2-period consumption model where agents maximize their expected utility
where $t=1,2$. ...
Getting the facts straight
First before addressing the question, lets get the facts straight as arguing based on incorrect premises is not good and in this case this is also relevant to the answer.
In government, the revenue is fixed (most of the time)
This is completely incorrect. In fact government revenue varies quite significantly most of the time.
Somewhat straying from the historical question, but I think it's important to discuss the premise of the question:
So, overall, the government doesn't have any real incentive to operate in a cost-effective manner.
I don't think this is a fair characterization of government - this certainly could describe officials in power, but many street-level ...
That frequency is very hard to come by for GDP and employment, especially in many countries.
The only thing I know that allows that level of measurement is prices: check https://www.pricestats.com/ for daily measures of inflation, purchasing power parity and real exchange rate. It's available for many countries, both in developed and emerging economies.
I find the question as written to be confusing. I am going to respond to some fundamental issues that I see, based on my interpretation of the question.
One premise of this question is that revenues = taxes, i.e., the budget is balanced. The probability of this happening in practice is nearly zero, as the amount of income and sales taxes are based on nominal ...
In the classic RBC model you don't need intermediate good producers. They are introduced, for instance, in the New Keynesian model so that firms have some amount of monopoly power and don't always have to price their goods at the marginal cost of production.
The shortest possible answer to the question in the title (as stated now): “Yes.”
However, based on the comments, there are questions about definitions. I will attempt to answer them.
A fixed income instrument is anything that pays the owner cashflows on a fixed legal schedule, and the owner is not obligated to make any payments (other than the initial ...
Check this resource https://fred.stlouisfed.org/, I think is one of the best free repository for economic data.
It includes gdp growth and unemployment for many different countries (at monthly or quaterly frequency, which I think is the best you can find with this kind of data)
Trading Economics https://tradingeconomics.com/ has copious data on various markets for various countries and has tools for downloading datasets in full as well as dashboards for analyzing trends on the site.
It seems like it has most everything you would be looking for and is updated quite regularly
Hope this helps! Good luck :)
EDIT: As a possible ...