Using new home production data for the United States, we estimate a model of structural transformation with a home production sector, allowing for both non-homotheticity of preferences and differential productivity growth in each sector. We report two main findings. First, the estimation results show that home services have a lower income elasticity than market services. Second, the slowdown in home labor productivity, which started in the late 70s, is a key determinant of the rise of market services. Our counterfactual experiment shows that, without the slowdown, the share of market services would have been lower by 7.5 percent in 2010
This paper incorporates home production into a real business cycle (RBC) model of a small open econo...
We study long-run changes in aggregate labour supply and shifts in employ-ment across economic secto...
We assess the empirical importance of changes in income and relative prices for structural transform...
Using new home production data for the US, we estimate a model of structural transformation with a h...
We provide evidence on household and market production in 36 countries since 1960. On average the h...
Two traditional explanations for structural changes are sector-biased technological progress and non...
We study long-run trends in market hours of work and employment shifts across economic sectors drive...
This paper constructs a simple model of home production that demonstrates the connection between the...
How does a fall in house prices affect real activity? This paper presents a tractable business cycle...
We show that the effect of a sectoral shock on the composition of sectoral shares crucially depends ...
We study long-run trends in market hours of work and employment shifts across economic sectors drive...
The economics of household choice has occupied an important position in both microeconomics and mac...
In an economy studied in this paper, the ratio of aggregate home consumption to aggregate market con...
AbstractHow does a fall in house prices affect real activity? This paper presents a tractable busine...
Two traditional explanations for structural changes are sector-biased technological progress and non...
This paper incorporates home production into a real business cycle (RBC) model of a small open econo...
We study long-run changes in aggregate labour supply and shifts in employ-ment across economic secto...
We assess the empirical importance of changes in income and relative prices for structural transform...
Using new home production data for the US, we estimate a model of structural transformation with a h...
We provide evidence on household and market production in 36 countries since 1960. On average the h...
Two traditional explanations for structural changes are sector-biased technological progress and non...
We study long-run trends in market hours of work and employment shifts across economic sectors drive...
This paper constructs a simple model of home production that demonstrates the connection between the...
How does a fall in house prices affect real activity? This paper presents a tractable business cycle...
We show that the effect of a sectoral shock on the composition of sectoral shares crucially depends ...
We study long-run trends in market hours of work and employment shifts across economic sectors drive...
The economics of household choice has occupied an important position in both microeconomics and mac...
In an economy studied in this paper, the ratio of aggregate home consumption to aggregate market con...
AbstractHow does a fall in house prices affect real activity? This paper presents a tractable busine...
Two traditional explanations for structural changes are sector-biased technological progress and non...
This paper incorporates home production into a real business cycle (RBC) model of a small open econo...
We study long-run changes in aggregate labour supply and shifts in employ-ment across economic secto...
We assess the empirical importance of changes in income and relative prices for structural transform...