| 000 | 01846nam a22002657a 4500 | ||
|---|---|---|---|
| 003 | ZW-GwMSU | ||
| 005 | 20240411130738.0 | ||
| 008 | 240411b |||||||| |||| 00| 0 eng d | ||
| 022 | _a09318658 | ||
| 040 |
_aMSU _bEnglish _cMSU _erda |
||
| 050 | 0 | 0 | _aHB171.5 JOU |
| 100 | 1 |
_aChen Been-lon _eauthor |
|
| 245 | 1 | 0 |
_aCan consumption habit spillovers be a source of equilibrium indeterminacy? _ccreated by Been-Lon Chen, Yu-Shan Hsu & Kazuo Mino |
| 264 | 1 |
_aHeildeberg: _bSpringer, _c2013 |
|
| 336 |
_2rdacontent _atext _btxt |
||
| 337 |
_2rdamedia _aunmediated _bn |
||
| 338 |
_2rdacarrier _avolume _bnc |
||
| 440 |
_aJournal of Economics _vVolume 109, number 3 |
||
| 520 | 3 | _aThis paper investigates whether the external consumption habit can be a source of indeterminacy in a one-sector growth model when the labor supply is elastic. When there is a proper habit effect with a positive intertemporal elasticity of substitution, we find that the model exhibits indeterminacy if the coefficient of the habit formation is sufficiently large that allows for a substantial impact of current consumption on the habit. Indeterminacy arises even though the elasticity of the Frisch labor supply is positive and the elasticity of the labor demand in negative. In a calibrated version, we find that indeterminacy is empirically plausible when the habit effect is negative that features the “catching up with the Joneses” effect. Under given “catching up with the Joneses” effects, the external consumption habit can be a source of indeterminacy even if more than a half of the external consumption habit comes from past average consumption. | |
| 650 |
_aHabit _vCatching up with the Joneses _xIndeterminacy |
||
| 700 | 1 |
_aHsu, Yu-shan _eco-author |
|
| 700 | 1 |
_aMino, Kazuo _eco-author |
|
| 856 | _u10.1007/s00712-012-0301-9 | ||
| 942 |
_2lcc _cJA |
||
| 999 |
_c164842 _d164842 |
||