Nuremberg Research Seminar in Economics on 15 June 2022 – Room LG 0.423

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You are invited to join the weekly Nuremberg Research Seminar in Economics on 15 June 2022, from 13.15 to 14.45 pm. The seminar will be held in room LG 0.423Matteo Cacciatore (HEC Montréal) will be talking about „Time Use and Macroeconomic Uncertainty”.

More information can be found here:

We study how heightened uncertainty affects time use and its macroeconomic implications. First, we estimate quarterly cyclical variation in non-market hours using ATUS and CPS data. We show that higher uncertainty increases home production and reduces market hours, modestly affecting leisure. Second, we build a New Keynesian model with home production and time-varying uncertainty that reproduces the empirical estimates. A model counterfactual shows that reallocation from non-market hours to home production increases total consumption and welfare but reduces GDP. Despite mitigating precautionary savings motives, time use reallocation increases the labour supply elasticity, explaining the larger output contraction.