Relative Deep Habits: A Technical Note∗
نویسندگان
چکیده
This note presents a detailed formal derivation of the equilibrium conditions of a variation of the deep habit model developed by Ravn, Schmitt-Grohé, and Uribe (2003). In the present note, the single-period utility function depends on the quasi ratio of current consumption to the stock of habit of each variety, whereas in the original deep habit model it depends on the quasi difference of these two variables. We refer to the case discussed in this note as ‘relative deep habits’. JEL Classification: D10, D12, D42, E30.
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