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dc.contributor.authorAlvarez-Cuadrado, Franciscoen
dc.contributor.authorvan Long, Ngoen
dc.date.accessioned2008-09-08-
dc.date.accessioned2009-07-28T08:31:29Z-
dc.date.available2009-07-28T08:31:29Z-
dc.date.issued2008-
dc.identifier.urihttp://hdl.handle.net/10419/26406-
dc.description.abstractWe propose an overlapping generations economy where households care about relative consumption, the difference between their consumption and the consumption of their reference group. An individual's consumption is driven by the comparison of his lifetime income and the lifetime income of his reference group; hence the paper offers a permanent income version of the Duesenberry's relative income hypothesis. Across households the saving ratio increases with income while aggregate saving is independent of the income distribution. Positional concerns lead agents to over-consume, over-work and under-save. We propose a simple tax schedule that induces the competitive economy to achieve the efficient allocation.en
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x2361en
dc.subject.jelH21en
dc.subject.ddc330en
dc.subject.keywordRelative consumptionen
dc.subject.keywordrelative income hypothesisen
dc.subject.keywordpermanent incomeen
dc.subject.stwEinkommenshypotheseen
dc.subject.stwKonsuminterdependenzen
dc.subject.stwLebenszyklusen
dc.subject.stwOptimale Besteuerungen
dc.subject.stwTheorieen
dc.titleA permanent income version of the relative income hypothesis-
dc.typeWorking Paperen
dc.identifier.ppn577109952en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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