タイトル(掲載誌)Institute of Social and Economic Research Discussion Papers
一般注記October 2012, Revised March 2013 Secondly Revised January 2014
We consider a dynamic macroeconomic model of households that regard relative affluence as social status. The measure of relative affluence can be the ratio to, or the difference from, the social average. The two specifications lead to quite different equilibrium consequences: under the ratio specification full employment is necessarily realized, whereas under the difference specification there is a case where a persistent shortage of aggregate demand arises. Furthermore, using data of an affluence comparison experiment we empirically find that the difference specification fits the data better than the ratio specification. Therefore, affluence comparison can be a cause of persistent stagnation.
連携機関・データベース国立情報学研究所 : 学術機関リポジトリデータベース(IRDB)(機関リポジトリ)