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Standard-of-Living Aspirations and Economic Cycles

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  • de la Croix, David

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES) ; Belgian National Fund for Scientific Research (FNRS))

Abstract

Past experiences and social forces have been incorporated into tastes in order to analyze various microeconomic issues. We use these extended preferences to model the making of standard-of-living aspirations and study their effect on macroeconomic variables. We concentrate first on consumption behavior when there is habit formation. Such behavior is in accordance with several empirical facts and has important policy implications. Secondly, long term issues are analyzed assuming that children become habituated to a standard-of-living whilst still with their parents. This introduces a powerful mechanism responsible for long-term oscillations. We investigate in the third part whether habits applied to wage formation explain key labor market stylized facts.

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Bibliographic Info

Paper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) with number 2000008.

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Length: 24
Date of creation: 01 Feb 2000
Date of revision:
Handle: RePEc:ctl:louvir:2000008

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Keywords: Tastes; habit formation; cycles; fair wage; catching-up;

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Cited by:
  1. Mohamed Jellal & Francois-Charles Wolff, 2002. "Altruistic Bequests with Inherited Tastes," International Journal of Business and Economics, College of Business, and College of Finance, Feng Chia University, Taichung, Taiwan, College of Business, and College of Finance, Feng Chia University, Taichung, Taiwan, vol. 1(2), pages 95-113, August.

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