ダウンロード数: 123
タイトル: | Habits and Endogenous Investment Fluctuations |
著者: | Chen, Been-Lon Hsu, Yu-Shan Mino, Kazuo |
キーワード: | catching up with the Joneses habit indeterminacy one-sector growth model |
発行日: | Oct-2010 |
出版者: | Institute of Economic Research, Kyoto University |
誌名: | KIER Discussion Paper |
巻: | 730 |
抄録: | This paper envisages whether an external habit effect can produce indeterminate equilibrium paths thereby generating endogenous investment fluctuations. In an otherwise standard optimal growth model with leisure, we find that an external habit effect can cause endogenous investment fluctuations if there is a proper habit effect together with a proper intertemporal elasticity of substitution. In a calibrated version of the model, we find that endogenous investment fluctuations are plausible when the habit effect is negative with the "catching up with the Joneses"effect. |
URI: | http://hdl.handle.net/2433/129635 |
関連リンク: | http://ideas.repec.org/p/kyo/wpaper/730.html |
出現コレクション: | KIER Discussion Paper (英文版) |
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