Home production

Yongsung Chang () and Andreas Hornstein

No 06-04, Working Paper from Federal Reserve Bank of Richmond

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: Labor; supply (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba and nep-dge
Date: 2006
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