This paper examines the role of home production in estimating life-cycle labor supply. I show that, consistent with previous studies, ignoring an individual’s time spent on home production when estimating the Frisch elasticity of labor supply biases its estimate downwards. I also show,...

In this paper we use a large panel of individuals from Consumer Credit Panel dataset to study the timing of homeownership as a function of credit constraints and expectations of future house price. Our panel data allows us to track individuals over time and we model the transition probability of...

"In his famous 1987 monograph, Robert Lucas argued that further stabilizing the business cycles that persisted in the post-War era was pointless, because these cycles had a negligible effect on societal well- being. In particular, Lucas demonstrated that society should be willing to pay only a...