scholarly journals The Effects of the Great Recession on Teenagers' Risky Health Behaviors and Time Use

2014 ◽  
Author(s):  
Sabrina Wulff Pabilonia
Keyword(s):  
Health Behaviors ◽  
Time Use ◽  
Great Recession ◽  
Risky Health Behaviors ◽  
The Great Recession

The Cyclicality of Sales and Aggregate Price Flexibility

2020 ◽  
Author(s):  
Oleksiy Kryvtsov ◽  
Nicolas Vincent
Keyword(s):  
Time Use ◽  
Great Recession ◽  
Price Level ◽  
Market Work ◽  
The Great Recession ◽  
Price Flexibility ◽  
The Business Cycle ◽  
One Year ◽  
The One ◽  
Robust Evidence

Abstract Macroeconomists traditionally ignore temporary price markdowns (“sales”) under the assumption that they are unrelated to aggregate phenomena. We revisit this view. First, we provide robust evidence from the U.K. and U.S. CPI micro data that the frequency of sales is strongly countercyclical, as much as doubling during the Great Recession. Second, we build a general equilibrium model in which cyclical sales arise endogenously as retailers try to attract bargain hunters. The calibrated model fits well the business cycle co-movement of sales with consumption and hours worked, and the strong substitution between market work and shopping time documented in the time-use literature. The model predicts that after a monetary contraction, the heightened use of discounts by firms amplifies the fall in the aggregate price level, attenuating by a third the one-year response of real consumption.

scholarly journals Does Home Production Replace Consumption Spending? Evidence from Shocks in Housing Wealth in the Great Recession

2020 ◽  
Vol 102 (1) ◽  
pp. 113-128 ◽  
Author(s):  
Jim Been ◽  
Susann Rohwedder ◽  
Michael Hurd
Keyword(s):  
Life Cycle ◽  
Panel Data ◽  
Time Use ◽  
Great Recession ◽  
Well Being ◽  
Elasticity Of Substitution ◽  
Housing Wealth ◽  
Home Production ◽  
The Great Recession ◽  
Prior Literature

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.

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