Keeping up with the Joneses and exchange rate volatility in a Redux model

被引：3

作者：

Chang, Ming-Jen ^{[3
]}

Chang, Juin-Jen ^{[1
,2
]}

Shieh, Jhy-Yuan ^{[4
]}

机构：

[1] Acad Sinica, Inst Econ, Taipei, Taiwan

[2] Natl Cent Univ, Dept Econ, Chungli, Taiwan

[3] Natl Dong Hwa Univ, Dept Econ, Shoufeng 97401, Hualien, Taiwan

[4] Soochow Univ, Dept Econ, Taipei, Taiwan

来源：

INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2014年 / 29卷

关键词：

Consumption externality; Exchange rate volatility; Keeping up with the Joneses; PRICING-TO-MARKET; HABIT FORMATION; CONSUMPTION EXTERNALITIES; MONETARY-POLICY; ENDOGENOUS GROWTH; AGGREGATE DEMAND; RATE DYNAMICS; ASSET PRICES; ECONOMY; ACCUMULATION;

D O I：

10.1016/j.iref.2013.08.004

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

By incorporating a keeping-up-with-the-Joneses preference into the Redux model, this paper sketches the implications of consumption externalities for the short-run and long-run equilibria. We show that the size of the consumption externality plays a crucial role in terms of affecting the long-run and short-run effects of important economic variables. Keeping-up-with-the-Joneses in relation to domestic benchmark consumption has the effect of magnifying the impact of monetary shocks on the exchange rate. Besides, simple numerical analyses show that the exchange rate volatility is raised (reduced) by an increasing rate as the size of the externality in regard to domestic (foreign) consumption increases. (C) 2013 Elsevier Inc. All rights reserved.

引用

页码：569 / 584

页数：16

共 36 条

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