Does Home Production Replace Consumption Spending? Evidence from Shocks in Housing Wealth in the Great Recession
利用大衰退期间住房财富冲击的数据，估计消费支出与家庭生产之间的替代弹性，发现仅约11%的支出可被家庭生产替代，表明家庭生产难以完全缓解财富冲击对福利的影响。
Becker's theory of home production suggests substitutability between consumption spending and home production. Using panel data with detailed information on spending and time use, we analyze households' ability to replace consumption spending by home-produced counterparts. Keeping wages fixed and changing lifetime resources by the shock to housing wealth during the Great Recession, we estimate an elasticity of substitution that is consistent with a life cycle Becker model. However, we estimate that only about 11% of total spending is replaceable by home production, which, in contrast to prior literature, makes it unlikely that home production fully mitigates the consequences of wealth shocks to well-being.