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Putting home economics into macroeconomics

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Abstract

The implications of adding household production to an otherwise standard real business cycle model are explored in this article. The model developed treats the business and household sectors symmetrically. In particular, both sectors use capital and labor to produce output. The article finds that the household production model can outperform the standard model in accounting for several aspects of U.S. business cycle fluctuations. ; This article is a summary of a chapter prepared for a forthcoming book, Frontiers of Business Cycle Research, edited by Thomas F. Cooley, to be published by Princeton University Press.

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  • Jeremy Greenwood & Richard Rogerson & Randall Wright, 1993. "Putting home economics into macroeconomics," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 17(Sum), pages 2-11.
    • Handle: RePEc:fip:fedmqr:y:1993:i:sum:p:2-11:n:v.17no.3
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    Cited by:

    1. Aydilek, Asiye, 2016. "The allocation of time and puzzling profiles of the elderly," Economic Modelling, Elsevier, vol. 53(C), pages 515-526.
    2. Hugo Reis, 2020. "Girls' Schooling Choices And Home Production: Evidence From Pakistan," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 61(2), pages 783-819, May.
    3. Beaumont, Paul M. & Walker, Robert T., 1996. "Land degradation and property regimes," Ecological Economics, Elsevier, vol. 18(1), pages 55-66, July.
    4. Yao, Wen, 2019. "International business cycles and financial frictions," Journal of International Economics, Elsevier, vol. 118(C), pages 283-291.
    5. Jordan Rappaport, 2004. "A simple model of city crowdedness," Research Working Paper RWP 04-12, Federal Reserve Bank of Kansas City.
    6. repec:ebl:ecbull:v:5:y:2007:i:2:p:1-9 is not listed on IDEAS
    7. Luciano Fanti, 2014. "Raising the Mandatory Retirement Age and its Effect on Long-run Income and Pay-as-you-go (PAYG) Pensions," Metroeconomica, Wiley Blackwell, vol. 65(4), pages 619-645, November.

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