內部習慣形成下之經濟成長與資產泡沫

本文探討內部習慣形成在內生成長的疊代模型中扮演的角色，發現在有內部習慣形成的情形下，人們為了老年時能夠維持年輕時的消費水準，有提高儲蓄的動機，進而提高平衡成長率，並且內部習慣形成的強度越大，平衡成長率也會越高。另一方面，本文引入不計息的泡沫資產—以貨幣為代表，探討貨幣對平衡成長率的影響。我們發現無論有無內部習慣形成都會得到貨幣降低平衡成長率的結果。此外，當政府提高貨幣供給成長率，亦即增加年輕人獲得的定額移轉，將有助於提升平衡成長率，由於擴張的貨幣政策有助於降低貨幣對資本的排擠效果。

關鍵字

內生成長；疊代模型；內部習慣形成；泡沫

並列摘要

This paper explores the role of internal habit formation in an overlapping generations economy. If agent in the old period is concerned with his past consumption level in the young period, he will be highly motivated to increase his saving. As a result, high saving increases the balanced-growth rate and with the intensity of the habit persistence becomes higher, the promoting effect on balanced-growth rate becomes stronger. On the other hand, this paper also explores the role of non-interest-bearing asset, fiat money, with or without internal habit formation in our model. We show whether with internal habit formation or not, money will decrease the balanced-growth rate. In order to promote balanced-growth rate, we suggest increasing the monetary growth rate in order to increase the amounts of young people’s lump-sum transfers. We also find that the expansive monetary policy will lower the crowding out effect of capital.

並列關鍵字

Endogenous Growth ； Overlapping Generations Model ； Internal Habit Formation ； Bubbles

參考文獻

Abel, A. (2005), “Optimal Taxation When Consumers Have Endogenous Benchmark Levels of Consumption,” Review of Economic Studies, 72, 1-19.

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Dupor, B. and W. F. Liu (2003), “Jealousy and Equilibrium Overconsumption,” American Economic Review, 93, 423-428.

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內部習慣形成下之經濟成長與資產泡沫

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