Home production with endogenous growth

• 成果类型: Article
• 署名作者: Einarsson, T; Marquis, MH
• 署名单位: State University System of Florida; Florida State University; University of Iceland
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(97)00026-3
• 发表日期: 1997
• 页码: 551-569
• 关键词: home production; endogenous growth; business cycles

摘要

Benhabib et al. (1991) and Greenwood and Hercowitz (1991) demonstrate that general equilibrium Beckerian home production models that incorporate separate technology shocks to the home and market production functions are able to explain either the comovements in employment across consumption and investment sectors of the economy or the comovement in output across market and home investment sectors, but not both simultaneously. This paper demonstrates that these comovements can be resolved by introducing endogenous growth into the model, while retaining only a single technology shock to market production, The additional margin for allocating time between formal training and market activities is sufficient to bring about the observed positive comovements in employment and output across sectors.