Does Home Production Drive Structural Transformation?

• 成果类型: Article
• 署名作者: Moro, Alessio; Moslehi, Solmaz; Tanaka, Satoshi
• 署名单位: University of Cagliari; Monash University; University of Queensland
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20150109
• 发表日期: 2017
• 页码: 116-146
• 关键词: household production; business-cycle; GROWTH; models; substitution; fluctuations; allocation; MARKET; TRENDS; time

摘要

Using new home production data for the United States, we estimate a model of structural transformation with a home production sector, allowing for both non-homotheticity of preferences and differential productivity growth in each sector. We report two main findings. First, the estimation results show that home services have a lower income elasticity than market services. Second, the slowdown in home labor productivity, which started in the late 70s, is a key determinant of the rise of market services. Our counterfactual experiment shows that, without the slowdown, the share of market services would have been lower by 7.5 percent in 2010.