Home Production

Chang, Yongsung; Hornstein, Andreas

doi:10.2139/ssrn.2186162

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Home Production

FRB Richmond Working Paper No. 06-04

11 Pages Posted: 7 Dec 2012

See all articles by Yongsung Chang

Yongsung Chang

University of Rochester - Department of Economics; Yonsei University - Department of Economics

Andreas Hornstein

Federal Reserve Bank of Richmond

Date Written: May 31, 2006

Abstract

Studying the incentives and constraints in the non-market sector — that is, home production — enhances our understanding of economic behavior in the market. In particular, it helps us to understand (1) small variations of labor supply over the life cycle, (2) large variations of employment relative to wages over the business cycle, and (3) large income differences across countries.

Keywords: home production, time allocation, labor supply

JEL Classification: E3, J2, O4

Suggested Citation: Suggested Citation

Chang, Yongsung and Hornstein, Andreas, Home Production (May 31, 2006). FRB Richmond Working Paper No. 06-04, Available at SSRN: https://ssrn.com/abstract=2186162 or http://dx.doi.org/10.2139/ssrn.2186162