ダウンロード数: 211
タイトル: | Internal vs. External Habit Formation in a Growing Economy with Overlapping Generations |
著者: | Ikefuji, Masako Mino, Kazuo |
キーワード: | internal habits formation external habit formation overlapping generations economy long-run growth |
発行日: | Aug-2009 |
出版者: | Institute of Economic Research, Kyoto University |
誌名: | KIER Discussion Paper |
巻: | 676 |
抄録: | This paper explores the roles of internal and external habit formation in a simple model of endogenous growth with overlapping generations. Unlike the representative agent settings in which the distinction between internal and external habits may not yield significant qualitative differences in working of the model economy, we show that the internal and external habit persistence in overlapping generations economies may have qualitatively different effects on the steady-state characterization as well as on the dynamic behavior of the economy. We also confirm that in an overlapping generations framework, whether the habits in the utility function takes subtractive or multiplicative forms may be critical both for long-run growth and for transitional dynamics. |
URI: | http://hdl.handle.net/2433/129585 |
関連リンク: | http://ideas.repec.org/p/kyo/wpaper/676.html |
出現コレクション: | KIER Discussion Paper (英文版) |
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