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Habit Persistence and Keeping Up with the Joneses:Evidence from Micro Data

机译：习惯坚持和与时俱进：来自微观数据的证据

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摘要

This paper provides evidence that habit persistence is an important determinant of household consumption choices, in a setting that allows for heterogeneity and household-specific interest rates. By estimating Euler equations for a representative sample of U.S. credit-card account holders, I find that the strength of external habit, captured by the fraction of the consumption of the reference group that enters the utility function, is 0.290, and that the strength of internal habit, represented by household past consumption, is 0.503. My results are robust to theinclusion of various measures of economic activity in the regression, tests for the presence of aggregate shocks, liquidity constraints, precautionary saving motives, and learning. Aggregation of the Euler equations as a weighted average of individual marginal rates of substitution accountsfor heterogeneity and market incompleteness and preserves the results.
机译：本文提供的证据表明，在允许异质性和特定于家庭的利率的环境下，习惯的持久性是家庭消费选择的重要决定因素。通过为美国信用卡帐户持有者的代表性样本估算Euler方程，我发现，进入参考效用函数的参考群体的消费量所占的外部习惯强度为0.290，而以家庭过去的消费为代表的内部习惯是0.503。我的结果对于将各种经济活动量度包括在回归中，对总冲击，流动性约束，预防性储蓄动机和学习的存在进行测试方面是有力的。欧拉方程的聚合作为单个边际替代率的加权平均值说明了异质性和市场不完整性，并保留了结果。

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    Ravina Enrichetta;

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  • 年度 2005
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  • 正文语种 en_US
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