Difference or Ratio : Implication of Status Preference on Stagnation

Ono, Yoshiyasu; Yamada, Katsunori

Institute of Social and Economic Research Discussion Papers, 2014, 856, 1-23

アクセス数:267件（2025-07-13 17:27 集計）

固定URL: https://hdl.handle.net/11094/23366

論文情報

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タイトル
Difference or Ratio : Implication of Status Preference on Stagnation
著者
NRID
1000070130763 1000070130763
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Scopus Author ID
7402959644 7402959644
著者名
Ono, Yoshiyasu
NRID
1000080533603 1000080533603
著者名
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.
出版者
The Institute of Social and Economic Research, Osaka University
収録物名
Institute of Social and Economic Research Discussion Papers
巻(号)
856
ページ
1-23
刊行年月
2014-01
言語
英語
ハンドルURL
https://hdl.handle.net/11094/23366
関連情報 (references)
URI
https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2012/DP0856RR.pdf
アクセス権
metadata only access
カテゴリ
ディスカッション／ワーキング・ペーパー DP/WP
Institute of Social and Economic Research Discussion Papers
最終更新日
2014-01