Home production, labor wedges, and international business cycles

• 成果类型: Article
• 署名作者: Karabarbounis, Loukas
• 署名单位: University of Chicago; National Bureau of Economic Research
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2014.02.001
• 发表日期: 2014
• 页码: 68-84
• 关键词: home production; Labor wedge; International business cycles; Real exchange rate

摘要

Non-separabilities due to home production break the link between market consumption and its marginal utility and help explain several stylized facts of the open economy. In an estimated two-country model with complete asset markets in which home production generates a labor wedge that mimics its empirical counterpart, output is more correlated than consumption across countries, labor inputs and labor wedges are positively correlated across countries, and relative market consumption is negatively related to the real exchange rate. Evidence from time use surveys corroborates some of the predictions of the model. (C) 2014 Elsevier B.V. All rights reserved.