Time Use and Macroeconomic Uncertainty
利用美国时间使用调查和劳工统计局数据，研究不确定性如何增加家务时间、减少市场工时，并分析其对宏观经济的影响，发现时间再分配会放大衰退效应并推高通胀。
Abstract We study the effects of uncertainty on time use and their macroeconomic implications. Employing data from the American Time Use Survey and the Bureau of Labor Statistics, we document that heightened uncertainty increases housework and reduces market hours, mildly impacting leisure. We then propose a model that quantitatively accounts for these estimates. We show that substitution between market and housework provides self-insurance to households, weakening precautionary motives. However, it also reduces aggregate demand, ultimately amplifying uncertainty's recessionary impact. Time reallocation can lead to higher inflation, particularly when uncertainty is coupled with policies redirecting time use towards housework (e.g., lockdown restrictions).