أعرض تسجيلة المادة بشكل مبسط

dc.creator Alonso Carrera, Jaime
dc.creator Caballé, Jordi
dc.creator Raurich, Xavier
dc.date 2007-11-07T18:03:04Z
dc.date 2007-11-07T18:03:04Z
dc.date 2003-06-16
dc.date.accessioned 2017-01-31T00:58:14Z
dc.date.available 2017-01-31T00:58:14Z
dc.identifier http://hdl.handle.net/10261/1946
dc.identifier.uri http://dspace.mediu.edu.my:8181/xmlui/handle/10261/1946
dc.description 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 during the transition towards the balanced growth path. We characterize in this context the optimal tax policy.
dc.description Financial support from the Spanish Ministry of Science and Technology through grants SEC2000-0684, BEC2002-01995 and HI2001-0039, the Generalitat of Catalonia through the Barcelona Economics program (CREA) and grant SGR2001-00162 is gratefully acknowledged.
dc.language eng
dc.relation UFAE and IAE Working Papers
dc.relation 497.01
dc.rights openAccess
dc.subject Endogenous Growth
dc.subject Habit Formation
dc.subject Consumption externalities
dc.subject Optimal Taxation
dc.title Growth, Habit Formation, and Catching-up with the Joneses
dc.type Documento de trabajo


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أعرض تسجيلة المادة بشكل مبسط