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In: The economic journal: the journal of the Royal Economic Society, Band 112, Heft 483, S. F604-F605
ISSN: 1468-0297
In: The MIT Press Ser.
In: NBER working paper series 6735
In: FRB of Boston Working Paper No. 18-9
SSRN
Working paper
In: Journal of economic dynamics & control, Band 32, Heft 8, S. 2536-2542
ISSN: 0165-1889
In: American economic review, Band 90, Heft 3, S. 367-390
ISSN: 1944-7981
This paper explores a monetary-policy model with habit formation for consumers, in which consumers' utility depends in part on current consumption relative to past consumption. The empirical tests developed in the paper show that one can reject the hypothesis of no habit formation with tremendous confidence, largely because the habit-formation model captures the gradual hump-shaped response of real spending to various shocks. The paper then embeds the habit-consumption specification in a monetary-policy model and finds that the responses of both spending and inflation to monetary-policy actions are significantly improved by this modification. (JEL D12, E52, E43)
In: Carnegie Rochester Conference series on public policy: a bi-annual conference proceedings, Band 47, S. 197-230
ISSN: 0167-2231
In: Carnegie Rochester Conference series on public policy: a bi-annual conference proceedings, Band 41, S. 285-294
ISSN: 0167-2231
In: Journal of economic dynamics & control, Band 12, Heft 1, S. 55-61
ISSN: 0165-1889
In: American economic review, Band 92, Heft 4, S. 1013-1028
ISSN: 1944-7981
In: Journal of economic dynamics & control, Band 17, Heft 4, S. 531-553
ISSN: 0165-1889
In: Journal of monetary economics, Band 51, Heft 6, S. 1133-1153