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The Role of Household Production in Models of Involuntary Unemployment and Underemployment

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Author Info
Ed Nosal
Richard Rogerson
Randall Wright

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Abstract

A classic result in the theory of labor contracts with asymmetric information is that underemployment results if and only if leisure is an inferior good. A classic result in models where unemployment occurs because of indivisibilities, including implicit contract models and some equilibrium macroeconomic models, is that unemployment is involuntary if and only if leisure is an inferior good. The authors introduce household production into otherwise standard versions of these models and show that this implies they can have underemployment in asymmetric-information models or involuntary unemployment in indivisible-labor models without assuming that leisure is inferior.

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Publisher Info
Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

Volume (Year): 25 (1992)
Issue (Month): 3 (August)
Pages: 507-20
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Handle: RePEc:cje:issued:v:25:y:1992:i:3:p:507-20

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  1. Andrew Atkeson & Patrick J. Kehoe, 1995. "Optimal social insurance, incentives, and transition," Working Papers 546, Federal Reserve Bank of Minneapolis. [Downloadable!]
  2. Garibaldi, Pietro & Wasmer, Etienne, 2003. "Equilibrium Search Unemployment, Endogenous Participation and Labour Market Flows," CEPR Discussion Papers 3986, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  3. Joao Gomes & Jeremy Greenwood & Sergio T. Rebelo, 2001. "Equilibrium Unemployment," RCER Working Papers 479, University of Rochester - Center for Economic Research (RCER). [Downloadable!]
    Other versions:
  4. Lilia Maliar & Serguei Maliar, 1999. "- Differential Responses Of Labor Supply Across Productivity Groups," Working Papers. Serie AD 1999-22, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
    Other versions:
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