Difference or Ratio: Implications of Status Preference on Stagnation
Difference or Ratio: Implications of Status Preference on Stagnation
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差异或比率：地位偏好对停滞的影响
DOI：
10.1111/1467-8454.12128
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发表时间：
2018
影响因子：
1.9
通讯作者：
Yamada Katsunori
中科院分区：
文献类型：
--
作者：
Ono Yoshiyasu;Yamada Katsunori
我们考虑一个动态宏观经济模型，其中家庭从财富比较中获得效用。相对富裕程度的衡量标准可以是与社会平均水平的比率，也可以是与社会平均水平的差距。这两种规格导致了完全不同的均衡结果：在比例规格下，充分就业总是实现的，而在差异规格下，总需求的持续短缺可能导致。利用地位关注的实验数据，我们实证地发现相对富裕程度的差异指标比比率指标更符合数据。我们的工作可能有助于理解发达经济体近期停滞背后的机制。
We consider a dynamic macroeconomic model where households derive utility from wealth comparisons. Measure of relative affluence can be the ratio to, or the difference from, the social average. These two specifications lead to quite different equilibrium consequences: under the ratio specification full employment is always realised, whereas under the difference specification persistent shortage of aggregate demand can result. Using data of an experiment on status concern, we empirically find that the difference specification of relative affluence fits the data better than the ratio specification. Our work may help in understanding mechanisms behind recent stagnation in developed economies.