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Trends in hours and economic growth

Ngai, L. Rachel and Pissarides, Christopher (2008) Trends in hours and economic growth. Review of Economic Dynamics, 11 (2). pp. 239-256. ISSN 1096-6099

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Identification Number: 10.1016/j.red.2007.07.002

Abstract

We study substitutions between home and market production over long periods of time. We use the results to get predictions about long-run trends in aggregate market hours of work and about employment shifts across economic sectors, driven by uneven TFP growth in market and home production. The model can rationalize the observed falling or U-shaped pattern for aggregate market hours, the complete marketization of home production in agriculture and manufacturing, and the employment shift from agriculture and manufacturing to services. We find support for the model’s predictions in long-run US data.

Item Type: Article
Official URL: http://www.sciencedirect.com/science/journal/10942...
Additional Information: © 2008 Elsevier
Subjects: H Social Sciences > HB Economic Theory
Sets: Collections > Economists Online
Research centres and groups > Centre for Economic Performance (CEP)
Departments > Economics
Date Deposited: 13 Mar 2008 16:48
Last Modified: 27 Feb 2014 11:24
URI: http://eprints.lse.ac.uk/id/eprint/3828

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