Habit Formation in an Interdependent World Economy

Material type: 規格・テクニカルリポート類

Author: Ikeda, Shinsukeほか

Publisher: The Institute of Social and Economic Research, Osaka University

Publication date: 2008-07

Material Format: Paper

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Note (General)：: ISER discussion paperSeptember 2004 Revised July 2008In a two-country world economy, consumption-habit dynamics in one country are affected, due to en...

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Paper

Material Type: 規格・テクニカルリポート類
Title: Habit Formation in an Interdependent World Economy
Author/Editor: Ikeda, Shinsuke
Gombi, Ichiro
Author Heading: Ikeda, Shinsuke
https://nrid.nii.ac.jp/nrid/1000070184421
Gombi, Ichiro
https://nrid.nii.ac.jp/nrid/1000010292137
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2008-07
Publication Date (W3CDTF): 2008
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 619
Volume: 619
Pages: 1-39
Subject Heading: Habit formation
two country model
immiserizing growth
Target Audience: 一般
Note (General): ISER discussion paper
September 2004 Revised July 2008
In a two-country world economy, consumption-habit dynamics in one country are affected, due to endogenous interest rate adjustments, by the other country’s habits and preferences. External indebtedness depends crucially on international differences in habit-adjusted net output less habitual living standard. Interest rate adjustments enlarge the consumption impact of an income shock. Consistently with the empirical facts, the habit parameter of a large country, therefore, would be underestimated, and the current account volatility overestimated, if estimated using a small-country model. An increase in fiscal spending in one country can benefit the country and harm the neighbor due to intertemporal terms-of-trade effects.
References (URI): comment:URI
https://www.iser.osaka-u.ac.jp/library/dp/2008/DP0619-R.pdf
Data Provider (Database): 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）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華