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Persistent link: https://www.econbiz.de/10012171807
An innovation in this paper is to introduce a time-to-build technology for the production of market capital into a model with home production. The paper’s main finding is that the two anomalies that have plagued all household production models—the positive correlation between business and...
Persistent link: https://www.econbiz.de/10005428393
Persistent link: https://www.econbiz.de/10001536874
Persistent link: https://www.econbiz.de/10001613932
An innovation in this paper is to introduce a time-to-build technology for the production of market capital into a model with home production. Our main finding is that the two anomalies that have plagued all household production models--the positive correlation between business and household...
Persistent link: https://www.econbiz.de/10013291660
Persistent link: https://www.econbiz.de/10014534735
The U.S. economy isn't recovering from the deep Great Recession of 2008-2009 with the anticipated strength. A widespread conjecture is that this weakness can be traced to perceptions of an imminent switch to a higher taxes regime. The paper explores quantitatively this fiscal sentiment...
Persistent link: https://www.econbiz.de/10011080129
We investigate a two-country model of real business cycles along the lines of Backus, Kehoe, and Kydland (1992) with one new feature: country one residents are ambiguous [along the lines of Epstein (2001)] about the productivity shocks of country two and vice versa. The model is calibrated and...
Persistent link: https://www.econbiz.de/10005069558
Persistent link: https://www.econbiz.de/10005027245
We study general equilibrium with nonconvexities. In these economies there exist sunspot equilibria without the usual assumptions needed in convex economies, and they have good welfare properties. Moreover, in these equilibria, agents act as if they have quasi-linear utility. Hence wealth...
Persistent link: https://www.econbiz.de/10004977942