Please use this identifier to cite or link to this item:
Hiraguchi, Ryoji
Year of Publication: 
Series/Report no.: 
Working Papers, The Johns Hopkins University, Department of Economics 516
While consumption models with multiplicative habits are becoming increasingly popular, some important theoretical questions about these models have not yet been addressed. This paper fills three such gaps: Existence of an optimal consumption path; satisfaction, by that path, of the consumption Euler equation; and convergence of that path to the stationary (steady state) path.
Document Type: 
Working Paper

Files in This Item:
221.92 kB

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.