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Testing the "Catching up with the Joneses" Model with Consumption Externality in Japan

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  • Akihiko Noda

    ()
    (Faculty of Economics, Toyo University)

Abstract

The purpose of this paper is to test Abel's (1990, 1999) "Catching up with the Joneses" model with a consumption externality using Japanese financial data. It is found that the model is rejected in Japan when it is estimated using generalized empirical likelihood (GEL) estimators.

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File URL: http://www.accessecon.com/Pubs/EB/2011/Volume31/EB-11-V31-I2-P152.pdf
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Bibliographic Info

Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 31 (2011)
Issue (Month): 2 ()
Pages: 1648-1658

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Handle: RePEc:ebl:ecbull:eb-11-00299

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Keywords: Habit Formation; Consumption Externality; GEL;

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