Difference or Ratio : Implication of Status Preference on Stagnation

Ono, Yoshiyasu; Yamada, Katsunori

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論文情報

タイトル	Difference or Ratio : Implication of Status Preference on Stagnation
著者	Ono, Yoshiyasu Ono, Yoshiyasu
著者	Yamada, Katsunori Yamada, Katsunori
キーワード等	status
	stagnation
	unemployment
抄録	We consider a dynamic macroeconomic model with households that regard relative affluence as social status. The measure of relative affluence can be the ratio to, or the difference from, the social average. The two specifications lead to quite different results: with the ratio specification full employment is necessarily realized, whereas with the difference specification persistent shortages of aggregate demand and employment can arise. Furthermore, using the data of an experiment of affluence comparison we empirically find that the difference specification is far more persuasive than the ratio specification. Thus, the present model provides an analytical framework for persistent stagnation.
公開者	The Institute of Social and Economic Research, Osaka University
掲載誌名	Institute of Social and Economic Research Discussion Papers
巻	856
刊行年月	2012-10
URL	http://hdl.handle.net/11094/23366
関連情報 (references)	http://www.iser.osaka-u.ac.jp/library/dp/2012/DP0856.pdf
言語	英語

著者版フラグ	none
NII資源タイプ	テクニカルレポート
ローカル資源タイプ	ディスカッション／ワーキング・ペーパー
dcmi資源タイプ	text
DCTERMS.bibliographicCitation	Institute of Social and Economic Research Discussion Papers.856
DC.title	Difference or Ratio : Implication of Status Preference on Stagnation
DC.creator	Ono, Yoshiyasu
DC.creator	Yamada, Katsunori
DC.publisher	The Institute of Social and Economic Research, Osaka University
DC.language" scheme="DCTERMS.RFC1766	英語
DCTERMS.issued" scheme="DCTERMS.W3CDTF	2012-10
DC.identifier" scheme="DCTERMS.URI	http://hdl.handle.net/11094/23366
DC.subject	status
	stagnation
	unemployment
DCTERMS.abstract	We consider a dynamic macroeconomic model with households that regard relative affluence as social status. The measure of relative affluence can be the ratio to, or the difference from, the social average. The two specifications lead to quite different results: with the ratio specification full employment is necessarily realized, whereas with the difference specification persistent shortages of aggregate demand and employment can arise. Furthermore, using the data of an experiment of affluence comparison we empirically find that the difference specification is far more persuasive than the ratio specification. Thus, the present model provides an analytical framework for persistent stagnation.
citation_title	Difference or Ratio : Implication of Status Preference on Stagnation
citation_author	Ono, Yoshiyasu
citation_author	Yamada, Katsunori
citation_publisher	The Institute of Social and Economic Research, Osaka University
citation_language	英語
citation_date	2012-10
citation_journal_title	Institute of Social and Economic Research Discussion Papers
citation_volume	856
citation_public_url	http://hdl.handle.net/11094/23366
citation_keywords	status
	stagnation
	unemployment

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