CONSUMPTION AND TIME USE OVER THE LIFE CYCLE
构建了一个包含家庭生产的动态一般均衡模型，利用微观数据解释了家庭在生命周期中时间使用和不同类别消费的模式，并分析了劳动效率、借贷约束和家庭生产对消费路径的影响。
We incorporate home production in a dynamic general equilibrium model of consumption and savings with illiquid housing and a collateralized borrowing constraint. The calibrated model explains life‐cycle patterns of households' time use and consumption of different categories documented from the microdata. It predicts that the interaction of the labor efficiency profile and the home production technology explains households' time use. The resulting income profiles, the endogenous borrowing constraint, and home production account for the initial hump in consumption. The complementarity of home hours, home input, and housing in home production drives the consumption profiles later in the life cycle.