The Macroeconomics of Time Allocation

M. Aguiar, E. Hurst

Research output: Chapter in Book/Report/Conference proceedingChapter

3 Scopus citations

Abstract

In this chapter we explore the macroeconomics of time allocation. We begin with an overview of the trends in market hours in the United States, both in the aggregate and for key subsamples. After introducing a Beckerian theoretical framework, the chapter then discusses key empirical patterns of time allocation, both in the time series (including business cycle properties) and over the life cycle. We focus on several core nonmarket activities, including home production, child care, and leisure. The chapter concludes with a discussion of why these patterns are important to macroeconomics and spells out directions for future research.

Original languageEnglish (US)
Title of host publicationHandbook of Macroeconomics, 2016
EditorsJohn B. Taylor, Harald Uhlig
PublisherElsevier B.V.
Pages203-253
Number of pages51
ISBN (Print)9780444594877
DOIs
StatePublished - Jan 1 2016

Publication series

NameHandbook of Macroeconomics
Volume2
ISSN (Print)1574-0048

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics
  • Economics, Econometrics and Finance (miscellaneous)

Keywords

  • Employment
  • Home production
  • Labor supply
  • Leisure
  • Nonseparable preferences
  • Time allocation

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  • Cite this

    Aguiar, M., & Hurst, E. (2016). The Macroeconomics of Time Allocation. In J. B. Taylor, & H. Uhlig (Eds.), Handbook of Macroeconomics, 2016 (pp. 203-253). (Handbook of Macroeconomics; Vol. 2). Elsevier B.V.. https://doi.org/10.1016/bs.hesmac.2016.06.004