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Home Production Meets Time to Build

Paul Gomme (), Finn Kydland and Peter Rupert ()

Journal of Political Economy, 2001, vol. 109, issue 5, 1115-1131

Abstract: 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.

Date: 2001
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