haku: @author Mansoorian, A. / yhteensä: 1
viite: 1 / 1
« edellinen | seuraava »
| Tekijä: | Mansoorian, A. |
| Otsikko: | On the macroeconomic policy implications of habit persistence |
| Lehti: | Journal of Money, Credit and Banking
1996 : FEB, VOL. 28:1, p. 119-129 |
| Asiasana: | MACROECONOMICS POLICY MONEY |
| Kieli: | eng |
| Tiivistelmä: | In the habit-persistence model of Ryder and Heal (1973) instantaneous utility depends on both current consumption and the habitual standard of living, represented by a weighted average of past levels of consumption. This model has been used recently to explain several macroeconomic and financial regularities and puzzles. Constantinides (1990) uses the model to solve the Mehra-Prescott (1985) equity premium puzzle. He is able to solve the puzzle because the habit persistence model can smooth consumption over and above the smoothing implied by the usual time separable preference structure. |
« edellinen | seuraava »
SCIMA