The B.E. Journal of Macroeconomics
Editor-in-Chief: Cavalcanti, Tiago / Kambourov, Gueorgui
Ed. by Abraham, Arpad / Carceles-Poveda , Eva / Debortoli, Davide / Lambertini, Luisa / Nimark, Kristoffer / Wang, Pengfei
2 Issues per year
IMPACT FACTOR 2016: 0.043
5-year IMPACT FACTOR: 0.376
CiteScore 2016: 0.36
SCImago Journal Rank (SJR) 2016: 0.312
Source Normalized Impact per Paper (SNIP) 2016: 0.272
This paper analyzes the effect on the economy dynamics of alternative formulations of habit persistence in an endogenous growth model. The focus is on the impact on the convergence speed, which is the key determinant of the local dynamics. In contrast with previous numerical results, we show that the external-habits economy may converge at a higher, lower or equal rate than the internal-habits economy depending on the specification of the utility function. We also prove that the higher the strength of habits and the lower the speed of adjustment of habits to current consumption, the lower the convergence speed.
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