가계생산 퍼즐에 있어서 인적자본 및 조정비용의 역할
The Home Production Puzzle: The Role of Human Capital and Adjustment Cost
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실물경기변동이론(Real Business Cycle Theory) 기본모형의 문제점을 개선하기 위하여 제안된 Becker류의 가계생산 모형은 우수성에도 불구하고 시장 투자와 가계 투자의 양(+)의 상관관계를 설명하지 못한다는 약점이 계속 지적되어 왔다. 이에 본 연구는 가계생산 기본모형에 인적자본 및 자본 축적에 대한 조정비용을 고려하여 “가계생산 퍼즐”을 해결하였다. 즉 이러한 두 요소를 도입함으로써, 가계 생산 함수를 미국 데이터에서 보이는 내구재와 비내구재 간의 장기적인 안정적 관계를 설명하기 위하여 Cobb-Douglas형태로 상정한 경우에 있어서도, 모형 내 시장 투자와 가계 투자 간의 양(+)의 상관관계를 얻을 수 있었다.
Abstract
The standard general equilibrium Beckerian home production model has a counterfactual implication for the co-movement of the market and the home investments. This paper shows that the puzzle can be resolved by introducing human capital accumulation and the cost of adjusting the stock of market capital in a standard home production model. By incorporating these two features, the model is able to account for the observed positive co-movements in the two investments, even when the home production function is Cobb-Douglas. The assumption is important because this implies that the model is consistent with the long run behavior of durables and nondurables in US data.
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