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Creator: Boerma, Job and Karabarbounis, Loukas Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 746 Abstract:
We revisit the causes, welfare consequences, and policy implications of the dispersion in households' labor market outcomes using a model with uninsurable risk, incomplete asset markets, and home production. Accounting for home production amplifies welfare-based differences across households meaning that inequality is larger than we thought. Home production does not offset differences that originate in the market sector because productivity differences in the home sector are significant and the time input in home production does not covary with consumption expenditures and wages in the cross section of households. The optimal tax system should feature more progressivity taking into account home production.
Palabra clave: Inequality, Labor supply, Home production, and Consumption Tema: D10 - Household Behavior: General, J22 - Time Allocation and Labor Supply, E21 - Macroeconomics: Consumption; Saving; Wealth, and D60 - Welfare Economics: General
Creator: McGrattan, Ellen R. Series: Staff report (Federal Reserve Bank of Minneapolis. Research Department) Number: 370 Abstract:
Real business cycles are recurrent fluctuations in an economy’s incomes, products, and factor inputs—especially labor—that are due to nonmonetary sources. These sources include changes in technology, tax rates and government spending, tastes, government regulation, terms of trade, and energy prices. Most real business cycle (RBC) models are variants or extensions of a neoclassical growth model. One such prototype is introduced. It is then shown how RBC theorists, applying the methodology of Kydland and Prescott (Econometrica 1982), use theory to make predictions about actual time series. Extensions of the prototype model, current issues, and open questions are also discussed.
Palabra clave: Real exchange rates, Real business cycles, Markov processes, Research and development, Productivity shocks, Stabilization policies, Household budget constraint, Technology shocks, Home production, Total factor productivity, Labour supply, International business cycles, Competitive equilibrium, Labour-market search, and Stochastic growth models Tema: D40 - Market Structure, Pricing, and Design: General and D10 - Household Behavior: General