{
  "title": "How Different Is the Cyclical Behavior of Home Production Across Countries?",
  "publication": "IMF Working Papers, February 1, 2006",
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  "summary": "This paper studies stylized business cycle properties of household production in four industrialized countries (Canada, the United States, Germany, and Japan). We employ a dynamic small open economy business cycle model that incorporates a household production sector.",
  "sections": [
    {
      "heading": "Overview and Research Question",
      "content": "- Study objective: Examine stylized business cycle properties of household (home) production in four industrialized countries: Canada, the United States, Germany, and Japan.\n- Methodology: Employ a dynamic small open economy business cycle model that incorporates a household production sector to generate simulated data on:\n  - home output,\n  - hours worked in the home sector,\n  - hours spent on leisure."
    },
    {
      "heading": "Key Findings",
      "content": "- Volatility and correlations:\n  - Home output is more volatile than market output in each country.\n  - Home sector hours are about as volatile as market sector hours.\n  - Leisure is the least volatile series in each country.\n  - Leisure hours and home hours are countercyclical in all countries.\n  - Home output is not highly correlated with market output.\n- Persistence and cross-country patterns:\n  - Home sector variables are generally less persistent than market variables.\n  - Cross-country correlations related to home production tend to be lower than those related to market production.\n- Cross-country similarity:\n  - Despite known structural differences in labor markets across the four countries, the cyclical features of home sector variables are similar across the countries considered."
    },
    {
      "heading": "Data, Scope, and Subject Tags",
      "content": "- Countries analyzed: Canada, the United States, Germany, Japan.\n- Subjects: Business cycles, Consumption, Exports, Labor markets, Productivity.\n- Keywords: market sector, standard deviation, time series, WP.\n\n---\n\n Content in this bundle\n\n- wp0646\n  - wp0646 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp0646 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/how-different-is-the-cyclical-behavior-of-home-production-across-countries-18805"
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    "Authors: Ayhan Kose, William Blankenau",
    "Published: February 1, 2006",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451863062.001",
    "Study objective: Examine stylized business cycle properties of household (home) production in four industrialized countries: Canada, the United States, Germany, and Japan.",
    "Methodology: Employ a dynamic small open economy business cycle model that incorporates a household production sector to generate simulated data on:",
    "Volatility and correlations:",
    "Persistence and cross-country patterns:",
    "Cross-country similarity:",
    "Countries analyzed: Canada, the United States, Germany, Japan.",
    "Subjects: Business cycles, Consumption, Exports, Labor markets, Productivity.",
    "Keywords: market sector, standard deviation, time series, WP.",
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