Intertemporal Dependence, Impatience, and Dynamics
Intertemporal Dependence, Impatience, and Dynamics
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跨期依赖、不耐烦和动态
DOI：
10.3386/w3028
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发表时间：
1989
期刊：
影响因子：
--
通讯作者：
M. Obstfeld
中科院分区：
文献类型：
--
作者：
M. Obstfeld
本文发展了简单的几何方法来分析模型的动态行为与跨时间依赖的消费者的口味。由于研究的偏好并不假设时间的可加性，他们允许消费的边际效用在一个给定的日期，以不同的消费在其他日期。跨期依赖是由个体时间偏好的可变率引起的。对收入和利率的暂时性和预期性变化的最优消费反应很容易得出，并且在重要方面与具有恒定时间偏好的标准模型所暗示的反应相似。直观的解释描述最佳路径的一阶条件。
This paper develops simple geometric methods for analyzing dynamic behavior in models with intertemporally dependent consumer tastes. Since the preferences studied do not assume time-additivity, they allow the marginal utility of consumption on a given date to vary with consumption on other dates. Intertemporal dependence is induced by the presence of a variable individual rate of time preference. The optimal consumption responses to transitory and anticipated changes in incomes and interest rates are easily derived and are similar in important ways to the responses implied by the standard model with constant time preference. Intuitive explanations of the first-order conditions describing optimal paths are provided.