The Allocation of Capital and Time over the Business Cycle.
A Beckerian model of household production is developed to study the cyclical allocation of capital and time between market and home activities. The adopted framework treats the business and household sectors symmetrically. In the market, labor interacts with business capital to produce market goods and services, and likewise at home the remaining time (leisure) is combined with household capital to produce home goods and services. The model presented is parameterized and simulated to see whether it can rationalize the observed allocation of capital and time, as well as other stylized facts, for the postwar U.S. economy. Copyright 1991 by University of Chicago Press.
Year of publication: |
1991
|
---|---|
Authors: | Greenwood, Jeremy ; Hercowitz, Zvi |
Published in: |
Journal of Political Economy. - University of Chicago Press. - Vol. 99.1991, 6, p. 1188-214
|
Publisher: |
University of Chicago Press |
Saved in:
Online Resource
Saved in favorites
Similar items by person
-
R&D AND GROWTH: THE MISSING LINK?
Samaniego, Roberto M., (2007)
-
Macroeconomic implications of investment-specific technological change
Greenwood, Jeremy, (1992)
-
Investment, Capacity Utilization, and the Real Business Cycle.
Greenwood, Jeremy, (1988)
- More ...