MARRIAGE, MARKETS, AND MONEY: A COASIAN THEORY OF HOUSEHOLD FORMATION

• 成果类型: Article
• 署名作者: Burdett, Kenneth; Dong, Mei; Sun, Ling; Wright, Randall
• 署名单位: University of Pennsylvania; University of Melbourne; Brock University; University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; Federal Reserve Bank - Chicago; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.12160
• 发表日期: 2016
• 页码: 337-367
• 关键词: 2-sided search; ORGANIZATION; families; POLICY; COSTS; cycle; LIFE

摘要

This article integrates search-based models of marriage and money. We think about households as organizations, the way Coase thinks about firms, as alternatives to markets that become more attractive when transactions costs increase. In the model, individuals consume market- and home-produced goods, and home production is facilitated by marriage. Market frictions, including taxes, search, and bargaining problems, increase the marriage propensity. The inflation tax encourages marriage because being single is cash intensive. Microdata confirm singles use cash more than married people. We use macrodata over many countries to investigate how marriage responds to inflation, taxation, and other variables.