Preliminary Version: Habit Formation in Consumption: Estimation Results for the U.S. and the Euro Area
نویسنده
چکیده
This paper analyzes habit formation in consumption for the demand block of a small-scale macro model as in Fuhrer (2000). The applied empirical method of indirect inference provides a limited information strategy for estimating a partial equilibrium model. Preliminary estimates of the model parameters for the United States and for the Euro Area are presented, confirming the importance of habit formation both for the U.S. and for the Euro Area. Preliminary and incomplete version!
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تاریخ انتشار 2002