A model of sleep, leisure and work over the business cycle

James Cardon, Eric R. Eide, Kerk L. Phillips and Mark H. Showalter

Journal of Economic Dynamics and Control, 2018, vol. 95, issue C, 19-36

Abstract: This paper uses a single-sector dynamic stochastic general equilibrium (DSGE) model to analyze time use patterns over the business cycle. Using data from the American Time Use Survey, we solve and simulate a model of a utility maximizing consumer subject to a penalty function based on a biological model for sleep. We find that sleep is countercyclical with the business cycle: sleep increases as economic activity declines. We also show that our model provides a reasonable estimate of observed sleep behavior over the period from 2003 through 2016. Our results suggest that separating sleep from other non-work activities is a useful and productive exercise for these types of models.

Keywords: Sleep; Opportunity cost; Business cycle; Dynamic stochastic general equilibrium (search for similar items in EconPapers)
JEL-codes: E37 E39 I19 J22 (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0165188918302252
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:dyncon:v:95:y:2018:i:c:p:19-36

DOI: 10.1016/j.jedc.2018.08.003

Access Statistics for this article

Journal of Economic Dynamics and Control is currently edited by J. Bullard, C. Chiarella, H. Dawid, C. H. Hommes, P. Klein and C. Otrok

More articles in Journal of Economic Dynamics and Control from Elsevier
Bibliographic data for series maintained by Catherine Liu ().