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| Author: | Maurer, J. Meier, A. |
| Title: | Smooth it like the 'Joneses'? Estimating peer-group effects in intertemporal consumption choice |
| Journal: | Economic Journal
2008 : MAR, VOL. 118:527, p. 454-476 |
| Index terms: | consumption econometrics externalities household economics intertemporal economics USA |
| Language: | eng |
| Abstract: | This paper examines the relationship between peer-group effects and intertemporal consumption choices. Using an extended version of the standard life-cycle model that allows consumption externalities, the authors consider a social multiplier approach to find the true externalities. Exploiting US panel data for estimation of the model, evidence of strong co-movement of consumption within peer groups is found. Large part of the co-movement originates from correlated effects, but there is also a statistically significant evidence for consumption externalities within peer-groups. |
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