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Home production meets time-to-build

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

No 0007R, Working Paper from Federal Reserve Bank of Cleveland

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. The paper’s main finding is that the two anomalies that have plagued all household production models—the positive correlation between business and household investment, and household investment leading business investment over the business cycle—are resolved when time-to-build is added.

Keywords: Production (Economic theory); Investments (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dge
Date: 2000
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Journal Article: Home Production Meets Time to Build (2001) Downloads
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