Dear Professor Pfeifer,
I’m a little confused about the steadystate of labor in the model. As you said in other posts of the forum, it should be calibrated to 1/3 or so. While how about the model with heterogeneous household, e.g. Iacoviello and Neri (2010) ? They have four typies of labor : labor of patient household work in consumption sector and housing sector (n_c and n_h); labor of impatient household work in consumption sector and housing sector (n’_c and n’_h). I found that the steadystates of them are respectively:
n_c 0.76
n_h 0.17
n’_c 0.93
n’_h 0.26
It seems that they are not close to 1/3. How to explain this ?Would you please give me a hint ? Thank you for your time !