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
内容	October 2012, Revised March 2013 Secondly Revised January 2014
抄録	We consider a dynamic macroeconomic model of 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 equilibrium consequences: under the ratio specification full employment is necessarily realized, whereas under the difference specification there is a case where a persistent shortage of aggregate demand arises. Furthermore, using data of an affluence comparison experiment we empirically find that the difference specification fits the data better than the ratio specification. Therefore, affluence comparison can be a cause of persistent stagnation.
公開者	The Institute of Social and Economic Research, Osaka University
更新日付	2014-01
掲載誌名	Institute of Social and Economic Research Discussion Papers
巻	856
開始ページ	1
終了ページ	23
刊行年月	2014-01
URL	http://hdl.handle.net/11094/23366
関連情報 (references)	https://www.iser.osaka-u.ac.jp/library/dp/2012/DP0856RR.pdf
言語	英語
カテゴリ	ディスカッション／ワーキング・ペーパー DP/WP

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	2014-01
DC.identifier" scheme="DCTERMS.URI	http://hdl.handle.net/11094/23366
DC.subject	status
	stagnation
	unemployment
DC.description	October 2012, Revised March 2013 Secondly Revised January 2014
DCTERMS.abstract	We consider a dynamic macroeconomic model of 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 equilibrium consequences: under the ratio specification full employment is necessarily realized, whereas under the difference specification there is a case where a persistent shortage of aggregate demand arises. Furthermore, using data of an affluence comparison experiment we empirically find that the difference specification fits the data better than the ratio specification. Therefore, affluence comparison can be a cause of 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	2014-01
citation_journal_title	Institute of Social and Economic Research Discussion Papers
citation_volume	856
citation_firstpage	1
citation_lastpage	23
citation_public_url	http://hdl.handle.net/11094/23366
citation_keywords	status
	stagnation
	unemployment

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