This paper analyzes the dynamics of an endogenous growth model in which agents have non-separable preferences. It characterizes the steady state growth path under different assumptions about the dynamics of the reference stock and about preferences
Growth under habit formation and keeping up with the Joneses
FERRAGUTO, GIUSEPPE;
2005
Abstract
This paper analyzes the dynamics of an endogenous growth model in which agents have non-separable preferences. It characterizes the steady state growth path under different assumptions about the dynamics of the reference stock and about preferences
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