A quantitative investigation of investment-specific technological change for the U.S. postwar period is undertaken, analyzing both long-term growth and business cycles within the same framework. The premise is that the introduction of new, more efficient capital goods is an important source of...

A Beckerian model of household production is developed to study the allocation of capital and time between market and home activities over the business cycle. The adopted framework treats the business and household sectors symmetrically. In the market, labor interacts with business capital to...

This paper adopts Keynes' view that shocks to the marginal efficiency of i nvestment are important for business fluctuations, but incorporates i t in a neoclassical framework with endogenous capacity utilization. I ncreases in the efficiency of newly produced investment goods stimula te the...

A Beckerian model of household production is developed to study the cyclical allocation of capital and time between market and home activities. The adopted framework treats the business and household sectors symmetrically. In the market, labor interacts with business capital to produce market...

(Disponible en idioma inglés únicamente) En este trabajo se calculan los efectos de las inversiones en capital fijo sobre los salarios relativos y el empleo de mano de obra calificada, y se analiza su dinámica. La hipótesis básica es que dichos efectos son positivos, debido bien sea a la...

This paper estimates the effects of equipment investment on relative wages and employment of skilled labor and explores their dynamics. The basic hypothesis is that they are positive, due to either equipment-skill complementarity or to skill advantage in technology adoption. Using a panel data...

Aggressive deregulation of the mortgage market in the early 1980s triggered innovations that greatly reduced the required home equity of U.S. households. This allowed households to cash-out a large part of accumulated equity, which equaled 71 percent of GDP in 1982. A borrowing surge followed:...

This paper characterizes the labor supply and borrowing of a household facing collateral requirements that limit its debt and compel it to accumulate equity in its durable goods stock. The household's discount rate exceeds the market rate of interest, so it would otherwise finance increased...