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Habit Persistence, Money, and Overlapping Generations

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Author Info
Bunzel, Helle

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Abstract

This paper provides a comprehensive characterization of the stationary and non-stationary monetary equilibria in a two-period pure exchange overlapping generations model with multiplicative habit persistence preferences. Somewhat surprisingly, the upshot is that multiplicative habit persistence preferences do not affect the qualitative properties of the dynamical system in these models. In addition, the qualitative properties of models with subtractive and multiplicative habits are largely similar. Any possibility of cyclical fluctuations beyond periodicity two is also ruled out.

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Publisher Info
Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 12405.

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Date of creation: 29 Jul 2005
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Publication status: Published in Journal of Economic Dynamics and Control, 2006, Vol. 30, No. 12, pp. 2425-2445.
Handle: RePEc:isu:genres:12405

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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
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Web page: http://www.econ.iastate.edu
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Related research
Keywords: habit persistence overlapping generations models money cycles

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E0 - Macroeconomics and Monetary Economics - - General

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  1. Barnett, Richard & Bhattacharya, Joydeep & Bunzel, Helle, 2007. "Resurrecting Equilibria Through Cycles," Staff General Research Papers 12834, Iowa State University, Department of Economics. [Downloadable!]
    Other versions:
  2. Luca Bossi & Pere Gomis-Porqueras, . "Consequences of Modeling Habit Persistence," Working Papers 0701, University of Miami, Department of Economics. [Downloadable!]
    Other versions:
  3. Richard C. Barnett & Joydeep Bhattacharya, 2007. "Rejuveniles and Growth," Economics Working Papers 2007-11, School of Economics and Management, University of Aarhus. [Downloadable!]
    Other versions:
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This page was last updated on 2008-8-27.

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