Habit Persistence, Money, and Overlapping Generations
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.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
|Date of creation:||01 Jan 2006|
|Date of revision:|
|Publication status:||Published in Journal of Economic Dynamics and Control 2006, vol. 30 no. 12, pp. 2425-2445|
|Contact details of provider:|| Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070|
Phone: +1 515.294.6741
Fax: +1 515.294.0221
Web page: http://www.econ.iastate.edu
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Grandmont Jean-michel, 1983.
"On endogenous competitive business cycles,"
CEPREMAP Working Papers (Couverture Orange)
- Bhattacharya, Joydeep & Russell, Steven, 2002.
"Two-Period Cycles in a Three-Period Overlapping Generations Model,"
Staff General Research Papers
10250, Iowa State University, Department of Economics.
- Bhattacharya, Joydeep & Russell, Steven, 2003. "Two-period cycles in a three-period overlapping generations model," Journal of Economic Theory, Elsevier, vol. 109(2), pages 378-401, April.
- Carroll, Christopher D., 2000.
"Solving consumption models with multiplicative habits,"
Elsevier, vol. 68(1), pages 67-77, July.
- Christopher D Carroll, 2000. "Solving Consumption Models with Multiplicative Habits," Economics Working Paper Archive 421, The Johns Hopkins University,Department of Economics.
- Boldrin, Michele & Woodford, Michael, 1990.
"Equilibrium models displaying endogenous fluctuations and chaos : A survey,"
Journal of Monetary Economics,
Elsevier, vol. 25(2), pages 189-222, March.
- Michele Boldrin & Michael Woodford, 1988. "Equilibruim Models Displaying Endogenous Fluctuations and Chaos: A Survey," UCLA Economics Working Papers 530, UCLA Department of Economics.
- Bruce D. Smith, 1991.
"Interest on Reserves and Sunspot Equilibria: Friedman's Proposal Reconsidered,"
Review of Economic Studies,
Oxford University Press, vol. 58(1), pages 93-105.
- Smith, B.D., 1988. "Interest On Reserves And Sunspot Equilibria: Friedman'S Proposal Reconsidered," RCER Working Papers 119, University of Rochester - Center for Economic Research (RCER).
- Chang, Winston W & Kemp, Murray C & Long, Ngo Van, 1983. "Dynamic Properties of a Simple Overlapping-Generations Model," Oxford Economic Papers, Oxford University Press, vol. 35(3), pages 366-72, November.
- Lahiri, Amartya & Puhakka, Mikko, 1998.
"Habit Persistence in Overlapping Generations Economies under Pure Exchange,"
Journal of Economic Theory,
Elsevier, vol. 78(1), pages 176-186, January.
- Amartya Lahiri & Mikko Puhakka, 1996. "Habit Persistence in Overlapping Generations Economies Under Pure Exchange," UCLA Economics Working Papers 754, UCLA Department of Economics.
- Bullard, James & Duffy, John, 1998. "Learning And The Stability Of Cycles," Macroeconomic Dynamics, Cambridge University Press, vol. 2(01), pages 22-48, March.
- Reichlin Pietro, 1997. "Endogenous Cycles in Competitive Models: An Overview," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 1(4), pages 1-13, January.
When requesting a correction, please mention this item's handle: RePEc:isu:genres:12405. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Curtis Balmer)
If references are entirely missing, you can add them using this form.