The authors introduce home production into the neoclassical growth model and examine its consequences for development economics. They focus on how well differences in policies that distort capital accumulation explain international income differences. In models with home production, such...

Policymakers devote a great deal of attention to short-run fluctuations in the labor market. Central banks monitor indicators of labor market tightness in the conduct of monetary policy due to the potential implications for inflation. And fiscal authorities are concerned with the budget...

This paper examines low-frequency movements in employment in a cross-section of industrialized countries for the period 1960–95, using both aggregate and disaggregated data. It documents nine stylized facts about cross-country variations in employment.