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Consumption habits and labor supply

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Author Info
Graham, Liam

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Abstract

Models with habit formation in consumption have proved useful in understanding a number of macroeconomic features. The key finding of this paper is that, when households can use their labor supply to smooth consumption, habit formation worsens a dynamic model's response to both monetary and technology shocks. Some of the counterfactual implications of a model with habit formation can be rectified by introducing credit constrained households.

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File URL: http://www.sciencedirect.com/science/article/B6X4M-4NCK259-1/1/99fae45658fa040bcea3849db12f8812
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Publisher Info
Article provided by Elsevier in its journal Journal of Macroeconomics.

Volume (Year): 30 (2008)
Issue (Month): 1 (March)
Pages: 382-395
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Handle: RePEc:eee:jmacro:v:30:y:2008:i:1:p:382-395

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Web page: http://www.elsevier.com/locate/inca/622617

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  1. Seiya Fujisaki, 2009. "Habit Formation, Interest-Rate Control and Equilibrium Determinacy," Discussion Papers in Economics and Business 09-23, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP). [Downloadable!]
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This page was last updated on 2009-12-30.

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