haku: @journal_id 7 / yhteensä: 1856
viite: 165 / 1856
| Tekijä: | Fuhrer, J. |
| Otsikko: | Habit formation in consumption and its implications for monetary-policy models |
| Lehti: | American Economic Review
2000 : JUN, VOL. 90:3, p. 367-390 |
| Asiasana: | CONSUMPTION MONETARY POLICY MODELS |
| Kieli: | eng |
| Tiivistelmä: | The 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. |
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