Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/72007
Authors: 
Hiraguchi, Ryoji
Year of Publication: 
2004
Series/Report no.: 
Working Papers, The Johns Hopkins University, Department of Economics 516
Abstract: 
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

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