کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
9551103 | 1372643 | 2005 | 27 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Growth, habit formation, and catching-up with the Joneses
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
![عکس صفحه اول مقاله: Growth, habit formation, and catching-up with the Joneses Growth, habit formation, and catching-up with the Joneses](/preview/png/9551103.png)
چکیده انگلیسی
When habits are introduced multiplicatively in a capital accumulation model, the consumers' objective function might fail to be concave. In this paper, we provide conditions aimed at guaranteeing the existence of interior solutions to the consumers' problem. We also characterize the equilibrium path of two growth models with multiplicative habits: the internal habit formation model, where individual habits coincide with own past consumption, and the external habit formation (or catching-up with the Joneses) model, where habits arise from the average past consumption in the economy. We show that the introduction of external habits makes the equilibrium path inefficient. We characterize in this context the optimal tax policy.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: European Economic Review - Volume 49, Issue 6, August 2005, Pages 1665-1691
Journal: European Economic Review - Volume 49, Issue 6, August 2005, Pages 1665-1691
نویسندگان
Jaime Alonso-Carrera, Jordi Caballé, Xavier Raurich,