Home Production Meets Time to Build

Home Production Meets Time to Build

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 models—the positive correlation between business and household investme...

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Veröffentlicht in:The Journal of political economy 2001-10, Vol.109 (5), p.1115-1131
Hauptverfasser: Gomme, Paul, Kydland, Finn E., Rupert, Peter
Format: Artikel
Sprache:eng
Schlagworte:
Business cycles
Business investment
Capital
Capital investments
Capital markets
Central banks
Consumption
Correlations
Economic fluctuations
Economic models
Economic theory
Financial investments
Home building
Homes
Households
Investments
Modeling
Political economy
Political science
Production
Production functions
Productivity
Studies
Tax rates
Technology
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Beschreibung
Zusammenfassung: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 models—the positive correlation between business and household investment, and household investment's leading business investment over the business cycle—are resolved when time to build is added.
ISSN:0022-3808
1537-534X
DOI:10.1086/322829