Article1991

The Allocation of Capital and Time over the Business Cycle

528 citations0/0 files storedJournal of Political Economy

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Gender, Labor, and Family Dynamics Economic Growth and Productivity Economic theories and models

Abstract

A Beckerian model of household production is developed to study the cyclical allocation of capital and time between market and home activities. The adopted framework treats the business and household sectors symmetrically. In the market, labor interacts with business capital to produce market goods and services, and likewise at home the remaining time (leisure) is combined with household capital to produce home goods and services. The model presented is parameterized and simulated to see whether it can rationalize the observed allocation of capital and time, as well as other stylized facts, for the postwar U.S. economy.

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References

1965A Theory of the Allocation of Time 1982Time to Build and Aggregate Fluctuations 1967The Production of Human Capital and the Life Cycle of Earnings 1988Production, growth and business cycles 1983Real Business Cycles 1985Indivisible labor and the business cycle 1986Theory ahead of business-cycle measurement 1988Indivisible labor, lotteries and equilibrium

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