On the Macroeconomic Policy Implications of Habit Persistence
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.
Volume (Year): 28 (1996)
Issue (Month): 1 (February)
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