کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
10478334 | 930959 | 2005 | 24 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Status seeking in the small open economy
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
In our modified version of the small open economy Ramsey model, agents have preferences over consumption and status, the latter determined by relative wealth. Contrary to the standard model in which an impatient country asymptotically mortgages all of its capital and labor income, this extension potentially yields interior steady states. This results from the fact that the effective rate of return becomes a function of consumption and net assets. Notably, a permanent increase in government expenditure crowds out long-run consumption more than one-for-one. Similarly, the effects of improvements in productivity on long-run consumption are magnified by relative wealth preferences.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Macroeconomics - Volume 27, Issue 2, June 2005, Pages 209-232
Journal: Journal of Macroeconomics - Volume 27, Issue 2, June 2005, Pages 209-232
نویسندگان
Walter H. Fisher, Franz X. Hof,