A one-sector growth model with consumption standard: Indeterminate or determinate?

Been Lon Chen, Mei Hsu, Yu Shan Hsu

研究成果: 雜誌貢獻期刊論文同行評審

1 引文 斯高帕斯(Scopus)

摘要

In a representative agent, one-sector growth model in which the discounting is decreasing in the consumption standard measured as the current average consumption flow, Drugeon (1998) establishes local indeterminacy. This paper extends Drugeon's setup in the discount rate. In our setup, the consumption standard is a habit stock that a weighted average of the whole history of average consumption flows in the past. Local indeterminacy emerges only when the speed of habit formation tends to infinity; otherwise, local indeterminacy cannot appear, no matter how large the habit affects the discount rate.

原文英語
頁(從 - 到)85-96
頁數12
期刊Japanese Economic Review
61
發行號1
DOIs
出版狀態已發佈 - 2010 3月
對外發佈

ASJC Scopus subject areas

  • 經濟學與計量經濟學

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