本論文將家庭生產引入新凱因斯模型，探討貨幣政策的總體效果。本文發現，因為有家庭生產，家計單位可將時間轉為家庭勞動，增加家庭消費，維持原來的效用水準，亦即家庭生產提供了另一個時間和資源分配的管道，讓家計單位更能因應外生衝擊，當貨幣政策緊縮時，市場生產會減少，而多餘時間會轉為家庭生產。
此外，由於期內調整成本的出現，將市場資本轉作家庭資本時，需要付出調整成本，因此，家計單位將會試圖將市場資本投資與家庭耐久財投資同步增減，以減少調整成本的支出，所以本文可藉此達成市場投資和家庭投資之同步性。
最後，為了解決Barsky et al.（2003，2007）所提出，傳統新凱因斯模型下耐久財與非耐久財的同步性問題，本文假設耐久財具有僵固性，且應相同於或高於非耐久財的價格僵固性。家庭生產的設定不僅使模型更貼近真實情況，也有助於改善此一同步性問題。

This paper aims to investigate the macroeconomic effects of monetary policy in a new Keynesian model with home production. This paper shows that, because of home production, households can maintain their utility by spending more time in home production and consuming more home goods when a contractionary monetary policy shock happens. The presence of the intratemporal adjustment costs of turning home investment into business investment (or the other way around) can help the model account for the comovement between business and home investments. To solve the comovement puzzle in the traditional new Keynesian model raised by Barsky et al. (2003, 2007), i.e. the comovement between nondurable and durable goods, we assume that the prices of durable goods are equally or more rigid as compared to the prices of nondurable goods. Our numerical results suggest that introducing home production into the model is not only realistic but also helpful for solving the comovement puzzle.

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