The Macroeconomics of Time Allocation
M. Aguiar and
Erik Hurst ()
Chapter Chapter 4 in Handbook of Macroeconomics, 2016, vol. 2, pp 203-253 from Elsevier
In this chapter we explore the macroeconomics of time allocation. We begin with an overview of the trends in market hours in the United States, both in the aggregate and for key subsamples. After introducing a Beckerian theoretical framework, the chapter then discusses key empirical patterns of time allocation, both in the time series (including business cycle properties) and over the life cycle. We focus on several core nonmarket activities, including home production, child care, and leisure. The chapter concludes with a discussion of why these patterns are important to macroeconomics and spells out directions for future research.
Keywords: Time allocation; Home production; Labor supply; Employment; Leisure; Nonseparable preferences; J22; E24 (search for similar items in EconPapers)
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