Homework in labor economics: Household production and intertemporal substitution

• 成果类型: Article
• 署名作者: Rupert, P; Rogerson, R; Wright, R
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Cleveland; University of Pennsylvania
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(00)00038-6
• 发表日期: 2000
• 页码: 557-579
• 关键词: intertemporal substitution; home production

摘要

We argue that estimates of intertemporal substitution elasticities obtained from standard life cycle models are subject to a downward bias because they neglect changes in work done at home over the life cycle. We extend the standard life cycle model to include home production and estimate it using data from three time use surveys. We find that the downward bias is large. (C) 2000 Published by Elsevier Science B.V. All rights reserved. JEL classification: D1; J2.