American Economic Review
1850 1958 1963 1964 1973 1975 1977 1980 1981 1982 1985 1986 1987 1988 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Опубликовано на портале: 02-11-2007
Andrew B. Abel
American Economic Review.
1990.
Vol. 80.
No. 2.
P. 38-42.
This paper introduces a utility function that nests three classes of utility functions: (1) time-separable utility functions; (2) "catching up with the Joneses" utility functions that depend on the consumer's level of consumption relative to the lagged cross-sectional average level of consumption; and (3) utility functions that display habit formation. Closed-form solutions for equilibrium asset prices are derived under the assumption that consumption growth is i.i.d. The equity premia under catching up with the Joneses and under habit formation are, for some parameter values, as large as the historically observed equity premium in the United States
Опубликовано на портале: 02-11-2007
Christopher D. Carroll, Jody Overkand, David N. Weil
American Economic Review.
2000.
Vol. 90.
No. 3.
P. 341-55.
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 consumption compares to a ‘habit stock’ determined by past consumption,
an otherwise-standard growth model can imply that increases in growth can cause
increased saving
|
|