Home Production Meets Time to Build
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 modelsthe positive correlation between business and household investment, and household investment's leading business investment over the business cycleare resolved when time to build is added.
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- Benhabib, Jess & Rogerson, Richard & Wright, Randall, 1991.
"Homework in Macroeconomics: Household Production and Aggregate Fluctuations,"
Journal of Political Economy,
University of Chicago Press, vol. 99(6), pages 1166-87, December.
- Jess Benhabib & Richard Rogerson & Randall Wright, 1991. "Homework in macroeconomics: household production and aggregate fluctuations," Staff Report 135, Federal Reserve Bank of Minneapolis.
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- Finn E. Kydland & Edward C. Prescott, 1982. "Web interface for "Time to Build and Aggregate Fluctuations"," QM&RBC Codes 4a, Quantitative Macroeconomics & Real Business Cycles.
- Finn E. Kydland, 1993. "Business cycles and aggregate labor-market fluctuations," Working Paper 9312, Federal Reserve Bank of Cleveland.
- Martin Feldstein & James M. Poterba & Louis Dicks-Mireaux, 1981.
"The Effective Tax Rate and the Pretax Rate of Return,"
NBER Working Papers
0740, National Bureau of Economic Research, Inc.
- Feldstein, Martin & Dicks-Mireaux, Louis & Poterba, James, 1983. "The effective tax rate and the pretax rate of return," Journal of Public Economics, Elsevier, vol. 21(2), pages 129-158, July.
- Greenwood, J. & Hercowitz, Z., 1991.
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9104, University of Western Ontario, Department of Economics.
- Greenwood, Jeremy & Hercowitz, Zvi, 1991. "The Allocation of Capital and Time over the Business Cycle," Journal of Political Economy, University of Chicago Press, vol. 99(6), pages 1188-214, December.
- Greenwood, J. & Hercowitz, Z., 1991. "The Allocation of Capital and Time Over the Business Cycle," RCER Working Papers 268, University of Rochester - Center for Economic Research (RCER).
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