Can Habit Formation Be Reconciled with Business Cycle Facts?
نویسندگان
چکیده
منابع مشابه
Can Habit Formation Be Reconciled with Business Cycle Facts?
Many asset pricing puzzles can be explained when habit formation is added to standard preferences. We show that utility functions with a habit then gives rise to a puzzle of consumption volatility in place of the asset pricing puzzles when agents can choose consumption and labor optimally in response to more fundamental shocks. We show that the consumption reaction to technology shocks is too s...
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ژورنال
عنوان ژورنال: Review of Economic Dynamics
سال: 2000
ISSN: 1094-2025
DOI: 10.1006/redy.1998.0035