3期

最新文章

• Role models and arguments for affirmative action AI翻译
  作者：Chung, KS
  作者单位：Northwestern University
• Habit formation in consumption and its implications for monetary-policy models AI翻译
  作者：Fuhrer, JC
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Boston
  摘要：This paper explores a monetary-policy model with habit formation for consumers, in which consumers' utility depends in part on current consumption relative to past consumption. The empirical tests developed in the paper show that one can reject the hypothesis of no habit formation with tremendous confidence, largely because the habit-formation model captures the gradual hump-shaped response of real spending to various shocks. The paper then embeds the habit-consumption specification in a monet...
• Capital mobility in neoclassical models of growth: Comment AI翻译
  作者：Duczynski, P
  作者单位：Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences; Charles University Prague; Czech Academy of Sciences
• Saving and growth with habit formation AI翻译
  作者：Carroll, CD; Overland, J; Weil, DN
  作者单位：Johns Hopkins University; National Bureau of Economic Research; Brown University
  摘要：Saving and growth are strongly positively correlated across countries. Recent empirical evidence suggests that this correlation holds largely because high growth leads to high saving, not the other way around. This evidence is difficult to reconcile with standard growth models, since forward-looking consumers with standard utility should save less in a fast-growing economy because they know they will be richer in the future than they are today. We show that if utility depends partly on how con...
• Herd behavior and investment: Comment AI翻译
  作者：Ottaviani, M; Sorensen, P
  作者单位：University of London; University College London; University of London; University College London; University of Copenhagen