An Equilibrium Model of the Business Cycle with Household Production and Fiscal Policy
估计了一个包含家庭生产部门和随机财政变量的美国经济动态一般均衡模型，发现家庭生产对经济波动有显著影响，且该模型对税收变化效应的预测不同于不含家庭生产的模型。
The authors estimate a dynamic general equilibrium model of the U.S. economy that includes an explicit household production sector and stochastic fiscal variables. They use their estimates to investigate two issues. First, the authors analyze how well the model accounts for aggregate fluctuations. They find that household production has a significant impact and reject a nested specification in which changes in the home production technology do not matter for market variables. Second, the authors study the effects of some simple fiscal policy experiments and show that the model generates different predictions for the effects of tax changes than similar models without home production. Copyright 1997 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.