00000cam 2200000zi 4500 9.966117 CaOODSP 20260922151753 m o d f cr |n||||||||| 260922t20262026oncd ob f|0| 0 eng d CaOODSP eng rda CaOODSP n-cn--- FB3-5/2026-29E-PDF Hauser, Daniela, author. Time use and consumption expenditures / Daniela Hauser, Stefano Gnocchi, Laure Simon. [Ottawa] : Bank of Canada = Banque du Canada, 2026. ©2026 1 online resource (82 pages) : charts. text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff working paper = Document de travail du personnel, 1701-9397 ; 2026-29 "Last updated: August 20, 2026." ISSN assigned to different series. Includes bibliographical references. "This paper documents large heterogeneity in the cyclicality of expenditure items within aggregate consumption and shows that a substantial part of this heterogeneity can be explained by differences in the household time required to consume. Combining data from the American Time Use Survey and Personal Consumption Expenditures, we construct a set of consumption activities and establish new stylized facts. We show that in a recession consumption expenditures fall to a greater extent for those activities to which households reallocate a larger share of foregone market hours, suggesting that time and expenditures are substitutes. We develop a two-sector New Keynesian model that rationalizes these patterns. Disciplining the model with microeconomic estimates of the elasticity of substitution between time and expenditures and of price stickiness, we find that our model accounts for roughly forty percent of the impact expenditure response to monetary policy shocks"--Abstract, page 1. Time management. Consumption (Economics) Econometric models. Gestion du temps. Consommation (Économie politique) Modèles économétriques. Bank of Canada, issuing body. Staff working paper (Bank of Canada) 2026-29. (CaOODSP)9.806221 PDF 2.14 MB https://publications.gc.ca/collections/collection_2026/banque-bank-canada/FB3-5-2026-29-eng.pdf