Elasticities of Substitution in Real Business Cycle Models with Home Production.

This paper constructs a simple model of home productions that demonstrates the connection between the intertemporal elasticity of substitution in market consumption (IES) and the static elasticity of substitution between home and market consumption (SES). Understanding this connection is important because there is a large body of empirical evidence suggesting that the IES is small, but little evidence on the size of the SES.

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Year of publication:	2000
Authors:	Campbell, J.Y. ; Ludvigson, S.
Institutions:	Harvard Institute of Economic Research (HIER), Department of Economics
Subject:	CONSUMPTION \| ECONOMIC MODELS \| BUSINESS CYCLES

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Series:	Harvard Institute of Economic Research Working Papers.
Type of publication:	Book / Working Paper
Notes:	35 pages
Classification:	D11 - Consumer Economics: Theory ; D13 - Household Production and Intrahouse Allocation
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005245628