日時：12月4日（木）17:20-18:50
報告者：庄野 嘉恒 (RIETI)
場所：2号館11階経済学部会議室B
幹事：長谷部 拓也
言語：英語

タイトル：
Marketization, Structural Change, and Business Cycle Volatility
要旨：
I construct a three-sector general equilibrium model consisting of a goods sector, a service sector, and home production to examine how the home production share affects business cycle volatility. Under a standard CES specification, I show that a decline in the home production share dampens business cycle volatility through two channels: the home production share channel and the market composition channel. The calibrated model predicts that overall structural change accounts for 40% of the decline in U.S. business cycle volatility after WWII, and that 30% of the impact of overall structural change is attributed to the reduction in the home production share.