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On the Macroeconomic Policy Implications of Habit Persistence

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  • Mansoorian, Arman
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    Abstract

    This paper studies some policy implications of the habit persistence model of Harl E. Ryder and Geoffrey M. Heal (1973) for a small open economy. It is shown that often the policy implications of the model that are consistent with the findings in the asset pricing literature are in conflict with the more widely understood implications that were previously derived from Hirofumi Uzawa's (1968) utility function. Copyright 1996 by Ohio State University Press.

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    Bibliographic Info

    Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

    Volume (Year): 28 (1996)
    Issue (Month): 1 (February)
    Pages: 119-29

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    Handle: RePEc:mcb:jmoncb:v:28:y:1996:i:1:p:119-29

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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    Cited by:
    1. Shu-Hua Chen, 2012. "On the Growth and Stability Effects of Habit Formation and Durability in Consumption," Annals of Economics and Finance, Society for AEF, vol. 13(2), pages 283-298, November.
    2. Johdo, Wataru, 2009. "Habit persistence and stagnation," Economic Modelling, Elsevier, vol. 26(5), pages 1110-1114, September.
    3. Mansoorian, Arman & Neaime, Simon, 2003. "Durable goods, habits, time preference, and exchange rates," The North American Journal of Economics and Finance, Elsevier, vol. 14(1), pages 115-130, March.
    4. Ikeda, S. & Gombi, I., 1995. "Habits, Costly Investment, and Current Account Dynamics," ISER Discussion Paper 0442, Institute of Social and Economic Research, Osaka University.
    5. Mansoorian Arman & Neaime Simon, 2002. "Habits And Durability In Consumption And The Effects Of Exchange Rate Policies," International Economic Journal, Taylor & Francis Journals, vol. 16(2), pages 97-114.
    6. Arman Mansoorian, 1999. "On Cash in Advance Constraints for Open Economies," Working Papers 1999_02, York University, Department of Economics.
    7. Arman Mansoorian & Simon Neaime, 1996. "Habits and Durability in Consumption, and the Effects of Exchange Rate Policies," Working Papers 1996_06, York University, Department of Economics.
    8. MacKinnon, James G & Haug, Alfred A & Michelis, Leo, 1999. "Numerical Distribution Functions of Likelihood Ratio Tests for Cointegration," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 14(5), pages 563-77, Sept.-Oct.
    9. Jhy-yuan Shieh & Ching-chong Lai & Wen-ya Chang, 2000. "Addictive behavior and endogenous growth," Journal of Economics, Springer, vol. 72(3), pages 263-273, October.

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