文章基本信息

标题：Habit Persistence and Money in the Utility Function
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作者：Stéphane Auray ; Patrick Fève ; Fabrice Collard 等
期刊名称：Economics Bulletin
电子版ISSN：1545-2921
出版年度：2004
卷号：5
出版社：Economics Bulletin
摘要：The paper introduces habit persistence in consumption decisions in an infinitely-lived agents monetary model where money enters in the utility of the agent. In this case, we show that the equilibrium is saddle path whereas Auray, Collard and Fève [2004] showed that the interplay between habit persistence and cash-in-advance generates real indeterminacy. These two distinct but commonly used framework do not lead to the same dynamic properties, therefore.